The Weekly Dig August 12, 2016cdn.ceo.ca.s3-us-west-2.amazonaws.com/1bquekp-MMAug12...The Weekly Dig – August 12, 2016 Mick Carew, PhD 604-697-6006 [email protected] and the Haywood

The Weekly Dig – August 12, 2016 Mick Carew, PhD [email protected]

and the Haywood Mining Team

Member of the Canadian Investor Protection Fund

Please see page 33 for Analyst Certification, and pages 33 to 42 for Important Information,

Legal Disclaimers, Disclosures, Rating Structure, and notes.

Gold in Search of Direction Friday After Rapidly Shedding Early Gains at Mid-day

Major indices retreated Friday after many set new highs just a day earlier. The pullback was on the tail of soft U.S. Retail Sales and Producer Price Index (PPI) data points early Friday. There was an immediate ~$15/oz jump in December Gold futures pre-market, which more or less held up until about noon (PST), when gold retreated ~12/oz in about 20 minutes. The initial run in gold seemed to be on the back of this economic data that came in below expectations, which could mean slower inflation than anticipated is occurring, potentially pushing back the threat of an interest rate hike. Meanwhile oil posted one of its strongest weekly gains in some time after shedding more than $10/barrel from early June highs of more than $50/barrel to early August lows of sub $40/barrel. To end the week, Gold and Silver were unchanged at $1,336 (↑0.02%),$19.71 (0%), with platinum and palladium finishing lower at $1,122 (↓2.16%) and $685 (↓1.58%) per ounce respectively. Base metals were mixed; nickel (↓4.05%), zinc (↓1.42%) and copper (↓0.64%) finished lower at $4.65, $1.01 and $2.15 respectively, while lead (↑2.86%) finished higher at $0.83 per pound. The WTI crude price gained 6.38%, while the UxC Broker Average Price of uranium was down (↑0.96%) closing at $26.00 per pound on Friday.

DIGGING IN…

Metals Sector Macro: …………………………………………………………………………………..……...2

Junior Explorer – Weekly Vantage Point:……………………..……………....……………………….3

Haywood Research – The Week in Review: Publications from the Haywood Research team this week included Q2/16 financial results from AGI-T, AKG-T, LUC-T, MND-T, RIC-T, SMF-T, and THO-T; drill results from IGC-V, NXE-T, and a transaction by OSK-T…………………………………………………………………………………………….6

Equity Financings: This Week.…………………………………………………...……...…………...….10

Weekly Commodities / Indices / Exchange Rates: The S&P/TSX Comp was slightly higher, finishing at 14,747, while the S&P/TSX Venture Comp rose 3.2% to 833….11

Commodities and ETFs: A Week in Action: Gold & silver flat WoW.……...….….……..12

Equities: Weekly Performances: ………………………………………………………………..………14

Upcoming Macro Economic News: Calendar…………………………..………………………………16

Comparables Tables: Consensus and Haywood forecasts and multiples, plus market valuations for in situ resources…………………………………………………………………………….…..17

$1,300

$1,350

$1,400

8/8 8/12

Gold (US$/oz)Last: $1,341

$19.0

$20.0

$21.0

8/8 8/12

Silver (US$/oz)Last: $19.70

$2.10

$2.15

$2.20

$2.25

8/8 8/12

Copper (US$/lb)Last: $215.00

$38

$40

$42

$44

$46

8/8 8/12

WTI Crude (US$/bbl)Last: $44.66

The Weekly Dig 8/12/16

Haywood Mining [email protected] Page 2

Metals Sector Macro

Macroeconomic News

United States: Headlining economic news this week in the U.S, was the nonfarm productivity numbers,

which fell for the third straight quarter. The weak productivity numbers came just after July’s job numbers

showing 255,000 added jobs in the U.S, surpassing expectations of 180,000. The productivity numbers,

which were expected to rise by 0.4% actually dropped -0.5%, nearly matching the -0.6% decline in the

first quarter. The emerging trend of softening productivity, threatens corporate profits over time and

points to a slowdown in the aggressive hiring policies seen so far this year. Overshadowing the

aforementioned jobs numbers, declining productivity has fortified the case to hold off on an interest rate

hike at September’s Fed meeting. Also this week, Import prices rose 0.1%, surpassing expectations of -

0.4% for July. July’s increase represents the fifth straight month of increases. Despite the trend import

prices are still 3.7% lower than they were a year ago. The increase should help bring up inflation, which

has been below Fed targets for several years now. In housing, the MBA mortgage applications for the

week ending August 5th, came out stronger than expected showing a seasonally-adjusted 7.1% increase

in applications. This came after a 3.5% decline from the previous week, and is also the first increase in

four weeks. In conjunction with this news, the average 30-year fixed-rate mortgage fell to 3.65% from

3.67% the week earlier. Speculation towards whether the Fed will tighten monetary policy before the end

of the year could have an upward effect on re-financing applications, in an effort to secure a lower rate if

sentiment changes towards a rate hike. Refinancing applications rose 10% for the week, while

applications to purchase a home increased by 2.6% for the week. On the commodity front, The

International Energy Agency (IEA) trimmed its forecast for global oil demand next year to 1.2 million

barrels a day, down 100,000 barrels from its previous forecast. The IEA cited weakened global growth

prospects as a result from the U.K’s decision to leave the European Union, as a key reason for the dimmed

forecast.

United Kingdom: Since the surprise decision to leave the European Union in June, the global economy

has paid close attention to the UK. This week the return on some UK government debt turned negative

after the Bank of England (BOE) missed its targets in a new bond buying program. As part of the BOE’s

new quantitative easing program, the bank offered to buy government bonds (gilts). However, the bank

fell 52m short of its 1.17B target when it failed to find enough sellers, causing prices to rise, pushing yields

down. This week gilts maturing in 2019 and 2020 were yielding -0.1%.

Canada: A slowdown In Canadian construction plans for apartments and condominium complexes in both

B.C and Ontario were a key factors in June’s -5.5% decline in value of Canadian building permits. The

numbers fell well below expectations of a 1.5% gain for the period. Vancouver, in particular saw a stark

decline of 25.2% in plans for multi-family units. This data came before the announced 15% tax on foreign

buyers of B.C. homes, in an effort to cool down the market. Housing starts declined -9.1% in July to

(198.4k), however this number was less severe than the expected -12.5% decline (to 191.0K).



Junior Explorer: Weekly Vantage Point

News from the Junior sector this week included:

Mining Flashes Other News

Aurion Resources Ltd. (AU-V )

Cordoba Minerals Corp. (CDB-V )

Marathon Gold Corp. (MOZ-T

Pure Gold Mining Inc. (PGM-V )

Mining Flashes

Aurion Resources Ltd. (AU-V, $0.40) - Field Program Expands the Size of Mineralization at Ruoppa

Tara Hassan, [email protected], Mick Carew, [email protected] , Danny Ochoa, PEng, [email protected]

Aurion has begun its 2016 field program on several of its wholly owned gold prospects in the Central Lapland Greenstone Belt of Northern Finland. Several of the prospects have highly anomalous gold in rock and till, with multi-kilometre strike potential. During Q2/16, Aurion was granted an additional 225,000 hectares of exploration licenses prospective for precious and base metals. Outside of the Company’s Joint Venture with B2Gold (BTO-T, Buy Rating, $6.00 Target Price) at Kutuvuoma and Ahvenjarvi, the primary focus this year has been on Ruoppa where Aurion continues to expand the size of the system and outline new high grade gold mineralization.

Click here for the full report

Cordoba Minerals Corp. (CDB-V, $0.94) - Drilling Unveils Lateral Extensions of Copper-Gold Mineralization at Alacran

Mick Carew, [email protected]

Alacran drill results - The Company released drill results from the San Matias Copper-Gold Project in the northern area of the Alacran Deposit in Colombia that unveiled appreciable intersections of relatively shallow copper-gold mineralization that is now defined laterally over a 250 metre area that is open in all directions. Four the five holes drilled encountered mineralization. These four holes intersected large zones of relatively shallow copper-gold mineralization that represent the up-dip and eastern projections of mineralization encountered in earlier drilling. In addition, two active drill fences ~500 metres and ~700 metres south of the initial lateral step-out drilling have identified zones of visible chalcopyrite, pyrite, and magnetite-bearing mineralization, which highlights the potential for comparable extensions to known copper-gold mineralization that could augment the known size of the system.


Marathon Gold Corp. (MOZ-T, $0.57) - Drilling Continues to Push Resource Envelope at Depth

Mick Carew, [email protected]

Drilling at Marathon highlights further growth potential –Marathon Gold released assay results from six drill holes from the Marathon Gold Deposit, part of the Valentine Lake Cold Camp in Newfoundland. Of the six holes drilled, two were drilled to test the depth extent of gold mineralization within the pit-defined resource area,



two were drilled on the periphery of the resource pit shell, and two were drilled to test the near-surface extension of gold mineralization approximately 300 metres to the southeast (towards the Sprite Deposit) of the mineral resource at Marathon. The pit-defined resource area contains a National Instrument 43-101 compliant resource of 195,000 ounces gold at 1.98 g/t (Indicated) and 23,800 ounces gold at 2.64 g/t (Inferred). We note that this is part of a global resource at Valentine Lake totalling 1,060,100 ounces of gold grading 2.20 g/t (measured and indicated) and 200,000 ounces of gold grading 2.85 g/t (inferred). The results are the latest from a 7,000 metre drill program and follows a recent site visit by Haywood last month (see Mining Flash, June 8, 2016).


Pure Gold Mining Inc. (PGM-V, $0.74) - McVeigh and Austin Continue to Deliver High Grade Results

Tara Hassan, [email protected], Mick Carew, [email protected] , Danny Ochoa, PEng, [email protected]

Pure Gold released additional drill results from its ongoing 51,000 metre drill program at the Company's 100% owned Madsen Gold Project in the Red Lake gold district.

10.0 g/t Au over 6.2 metres in hole PG16-138 (Austin),

23.3 g/t Au over 2.0 metres in hole PG16-138 (McVeigh),

21.7 g/t Au over 6.0 metres in hole PG16-148 (Austin), including 61.8 g/t Au over 2.0 metres, and

30.7 g/t Au over 3.1 metres in hole PG16-148 (Austin).


Performance of Companies Included in Junior X and Notable News Flow

Source: Capital IQ and Haywood Securities

Close

Price Market Capitalization

Cash at Quarter

End Weekly Performance QTD Performance

QTD Performance

vs. TSXV Index

Company Ticker (C$) (C$M) (C$M)

Junior Exploration Names

Algold Resources Ltd. TSXV:ALG 0.34 37.04 0.44 0.0% 6.3% (8.3)%

Arizona Mining Inc. TSX:AZ 1.65 398.70 21.01 (0.6)% (0.6)% (15.1)%

Auryn Resources Inc. TSXV:AUG 3.62 222.48 1.78 (4.0)% 16.8% 2.2%

Aurion Resources Ltd. TSXV:AU 0.44 19.49 0.03 27.9% 45.0% 30.5%

Cardinal Resources Limited ASX:CDV 0.46 126.94 2.99 4.5% 53.3% 38.8%

Carpathian Gold Inc. OTCPK:CPNF.F 0.04 36.75 1.55 (7.9)% (16.7)% (31.3)%

Cordoba Minerals Corp. TSXV:CDB 0.90 81.61 1.54 (6.2)% 4.7% (9.9)%

Coro Mining Corp. TSX:COP 0.17 78.03 2.30 6.5% 65.0% 50.5%

GPM Metals Inc. TSXV:GPM 0.40 24.61 0.81 0.0% (7.0)% (21.5)%

NuLegacy Gold Corporation TSXV:NUG 0.30 77.65 0.85 (1.7)% (18.1)% (32.6)%

Plateau Uranium Inc. TSXV:PLU 0.31 12.19 0.59 19.2% 0.0% (14.5)%

Pure Gold Mining Inc. TSXV:PGM 0.75 99.17 2.20 4.2% 7.1% (7.4)%

Regulus Resources Inc. TSXV:REG 1.68 102.15 4.22 22.6% 30.2% 15.7%

Rupert Resources Ltd. TSXV:RUP 0.92 73.17 0.70 9.5% 15.0% 0.5%

SilverCrest Metals Inc. TSXV:SIL 3.00 124.06 4.35 2.0% 145.9% 131.4%

Wolfden Resources Corporation TSXV:WLF 0.14 9.99 0.41 3.8% (3.6)% (18.1)%

Other Companies in the News

No other news this week



Key Catalysts for Companies Featured in the Last Junior Exploration Report

Source: Haywood Securities

Company Ticker Catalysts

Junior Exploration Names

Algold Resources Ltd. TSXV:ALG

• Drill Results from Phase 1 Program - through Q3/16

• Start Phase 2 Drill Program Sept'16

• Resource Update - Q4/16

• Results from Phase 2 Program - through Q1/17

Arizona Mining Inc. TSX:AZ

• Additional Taylor deposit step-out drill hole assay results (H2/16)

• Taylor deposit resource update / PEA (2017)

• Corporate activity

Auryn Resources Inc. TSXV:AUG

• 3,000 metre diamond drill program at 3 Bluffs

• 10,000 metre RAB drilling program at various exploration targets

• $3 million budget allocated to southern Peru (details to come)

Aurion Resources Ltd. TSXV:AU

Kutuvuoma-Ahvenjarvi Joint Venture

• 2016 Field Program - Q3/16

• Geochemical Results from 100% Owned Properties - Q3/16

• Drill results - H2/16

Cardinal Resources Limited ASX:CDV

• Results from diamond infill drilling and RC expansion drilling (Q3/16)

• Geophysical surveys to enhance drill targeting (Q3/16)

• Initial JORC compliant resource estimate (Q3/16)

Carpathian Gold Inc. OTCPK:CPNF.F

• Relisting on TSX - by Q4/16

• Mine Permit Notification - Q1/17

• Grant of New Exploration Permits - H1/17

• Feasibility Study - Q4/17

Cordoba Minerals Corp. TSXV:CDB

• Drill results from Alacran - 18,000 metre program - Q3/16

• Initial resource estimate - Alacran - H2/16

• Drill testing several targets identified via Typhoon survey - H2/16

Coro Mining Corp. TSX:COP

• Project constellation de-risking (surface rights acquisition + environmental

base studies)

• Filo del Sol drill target development and metallurgical (leach) test work.

• Potential partner engagement

GPM Metals Inc. TSXV:GPM• Updated PEA integrating consolidated resources (Q1/2016)

• Results of further metallurgical testwork and exploration (2016)

Marathon Gold Corporation TSX:MOZ• Updated PEA integrating consolidated resources (Q1/2016)

• Results of further metallurgical testwork and exploration (2016)

NuLegacy Gold Corporation TSXV:NUGDrilling at Iceberg and other targets - ~10,000 metres

Plateau Uranium Inc. TSXV:PLU• Follow-up work to study lithium potential (H2/2016)

• Metallurgical results (2016)

Pure Gold M ining Inc. TSXV:PGM• Results from 51,000 metre drill program - H2/16

•Assessment to re-open portal at McVeigh - H2/16

Regulus Resources Inc. TSXV:REG

Antakori:

• (resource proximal) exploraiton results (Q4/16)

• Resource update (mid-2017)

• Regional exploraiton results (H2/17)

Rupert Resources Ltd. TSXV:RUP

• 3,000 metre drill program - near mine exploration (H2/16)

• Trenching - adjacent to open-pits

• Phase 2 drill program - details to follow

• Engage mine contractors for restart of operations (H2/17)

SilverCrest Metals Inc. TSXV:SIL

• Drill results from Las Chispas (Q3/16)

• Underground channel sampling results (Q3/16)

• Receipt of permit for undergound drilling (expected H2/16)

Wolfden Resources Corporation TSXV:WLF • Rice Island summer exploration (drill hole assay) results (mid-H2/16)



Haywood Research: The Week in Review

Publications from the Haywood Research team for the week included the following:

Q2/16 financial results from Alamos Gold Inc. (AGI-T)

Q2/16 financial results from Asanko Gold Inc. (AKG-T)

Drill results from Integra Gold Corp (IGC-V)

Q2/16 financial results from Lucara Diamond Corp. (LUC-T)

Corproate announcements from NewCastle Gold Ltd. (NCA-V)

Drill results from NexGen Energy Ltd. (NXE-T)

A new discovery from NexGen Energy Ltd. (NXE-T)

Q2/16 financial results from Mandalay Resources Corp. (MND-T)

A share acquisition by Osisko Mining Inc. (OSK-T)

Q2/16 financial results from Richmont Mines Inc. (RIC-T)

Q2/16 financial results from SEMAFO Inc. (SMF-T)

Q2/16 financial results from Tahoe Resources Inc. (THO-T)

Alamos Gold Inc. (AGI-T, $11.38) - Q2/16 Results a Modest Beat

Kerry Smith, MBA, [email protected], Danny Ochoa, PEng, [email protected]

Q2/15 results beat consensus, but Young-Davidson (YD) has a few issues - Alamos produced 92,464 ounces in Q2, down 2% from 94,632 ounces in Q1. Total cash costs averaged US$775/oz and all-in sustaining cost (AISC) was US$1,037/oz (including US$62/oz of non-cash share-based compensation charges), with cash costs better than our forecast of US$870/oz, and AISC above our estimate of US$965/oz. Q2 cash flow per share came in at US$0.15, below our estimate of US$0.18, but above consensus at US$0.13 per share. Production and costs will be better in H2, and Alamos' cash balance remained flat quarter over quarter at US$273.4M. The three operations generated a total of US$13.4M of free cash flow in Q2, with Mulatos the star performer at US$9.0M as capital -intensive development continues at YD through the ramp-up. Debt stands at US$315M, which is due on April 1, 2020.


Asanko Gold Inc. (AKG-T, $5.66) – Exploration Success Crystallized With Maiden Resource for Nkran Extension

Geordie Mark, PhD, [email protected], Benjamin [email protected]

Nkran Extension (Maiden Resource): Located 1.5 kilometres north of the Nkran pit, with a strike of 900 metres north-south adjacent to the tailings dam. A total of 29 RC drill holes (~2,200 metres) was drilled on a 40m x 20m grid. Measured and Indicated Resources: 0.76 Mt grading 1.76 g/t gold for 42.9 koz gold (0.8 g/t gold cut-off). Inferred Resources: 0.74 Mt grading 1.65 g/t gold for 39.4 koz gold (0.8 g/t gold cut-off).




Integra Gold Corp. (ICG-V, $0.90) – Triangle Deposit Drill Results Highlight Expansion Potential


Integra announced additional assay results for 23 drill holes (14,370 m) from its Fall 2015/Winter 2016 drill program on the Triangle Deposit situated on their 100% owned Lamaque Gold Project in Val-d'Or Quebec. In total 82,000 m have been completed at Lamaque South so far this year, with 4 drill rigs currently in operation. Drill results are pending from an additional 137 drill holes (51,722 m), including 121 holes at Triangle (44,370 m).


Lucara Diamond Corp. (LUC-T, $4.19) – Q2/16 Comes in Light On Lower Revenues and Lower Regular Tender Carat Pricing


Q2/16 Financials: Lucara reported revenues of US$141 million and EBITDA of US$110 million with operating cash flow (before changes in WC) of US$0.15/sh. Actual results compare with Haywood estimates of revenues of US$169 million and EBITDA of US$131 million with operating cash flow of US$0.17/sh. Revenue, EBITDA and cashflow actuals were shy on our estimates as a result of lower total carats sold (77 kct vs 93 kct) for the quarter, as well as lower than projected average sale prices for regular tender rough diamonds (US$353/ct), and occurred despite operating costs coming in lower than forecast at US$26/t (vs. est. US$28/t).


NewCastle Gold Ltd. (NCA-V, $0.435) – Gerald Panneton Named President and CEO

Tara Hassan, [email protected], Danny Ochoa, PEng, [email protected]

NewCastle Gold announced the appointment of Gerald Panneton as President and Chief Executive Officer, effective yesterday. Gerald was the founder and president of Detour Gold Corporation (DGC -T; Buy Rating, $49.00 Target Price). Under his leadership Detour grew from 1.5 million ounces in resources to 16 million ounces in reserves and was put into production in less than 6 years from the date of acquisition with the Detour Mine currently ranking as the largest gold mine in Canada.


NexGen Energy Ltd. (NXE-T, $2.43) – Assays Confirm Expansion of Mineralization at A1 Shear in area nearer to A2 and Confirm Continuity of A2 high-grade / sub-zones

Colin Healey, [email protected]

We see the potential of the A1 shear zone to host significant uranium resources improving with each drill hole cutting the zone; in addition to its basic resource prospectivity based on results thus far, A1 has the potential to host a high-grade 'sub-zone' analogous to the A2 sub-zone, based on similarities between holes drilled on the margin of the A2 sub-zone, and those returned from A1.




NexGen Energy Ltd. (NXE-T, $2.55) - Announces Discovery of High-grade Harpoon Area 4.7 km NE Along Trend of Arrow

Colin Healey, [email protected]

Regional drilling as part of NXE's summer drill program has uncovered high-grade uranium mineralization ~4.7 km northeast of Arrow indicated in scintillometer results, on the Rook I project. This new discovery zone, "Harpoon", reportedly contains "high grade" (assays pending) uranium mineralization with dense pitchblende accumulations. Uranium occurrences have now been identified over an incredible mineralized strike length of 5.6 km at the property. The new discovery shows the obvious potential to add resource pounds in new areas at Rook I, and speaks the sheer scale of the mineralizing system crossing the property. The company suggests the intensity of mineralization encountered at Harpoon is analogous to that seen in the high-grade domain of the A2 shear zone, which surrounds the A2 ultra high-grade sub-zone. All of this resource potential is outside our current valuation. We highlight Rio Tinto's interest in the Harpoon area (same terms not applicable to Arrow), and also the proximity to the Hook Lake JV where Cameco/Areva/PurePoint each have an interest.


Mandalay Resources Corp. (MND-T, $1.16) - Q2/16 Financials Present No Surprises

Benjamin [email protected]

Q2/16 Financials - Reported revenues of US$54M and EBITDA of US$22M drove operating cash flow of US$18M or US$0.04/sh. Actual results were marginally above Haywood estimates of US$51M in revenue, EBITDA of US$19M and US$13M or US$0.03/sh in cash flow (consensus at US$0.038/sh). Actual results exceeded our expectations due to higher realized metal prices (above Q2/16 averages) and lower taxes.

Q2/16 Operations - Consolidated production totalled 28.7 koz of gold, 462 koz of silver and 962 tonnes of antimony or 40.4 koz of gold-equivalent at a cash cost of US$748/oz AuEq and all-in cost of US$1,082/oz AuEq. Costerfield: Production of 17.0 koz gold-equiv. at a cash cost of US$530 per ounce. Björkdal: Production of 12.6 koz of gold at a cash cost of US$967 per ounce. Cerro Bayo: Production of 462 koz of silver plus gold (~723 koz AgEq) at a cash cost of US$8.45/oz Ag net.


Osisko Mining Inc. (OSK-T, $2.24) – Osisko Mining Continues to Expand Its Canadian Holdings

Tara Hassan, [email protected], Danny Ochoa, PEng, [email protected]

Osisko Mining announced that it had entered into a binding purchase agreement wi th a company controlled by Eric Sprott to acquire 50 million common shares of Barkerville Gold Mines (BGM-V, Not Rated). This represents approximately 50% of the position controlled by Mr. Sprott.




Richmont Mines Inc. (RIC-T, $13.92) - Q2 CFPS a Slight Miss – but the Longer Term Upside Still Looks Good


Slight miss on Q2 CFPS - Richmont reported Q2 CFPS of $0.19 per share, versus consensus of $0.22 and our estimate of $0.23 per share. Richmont pre-released Q2 production of 23,320 ounces of gold at a cash cost of $903/oz (US$701/oz). Production was expected to decline quarter over quarter and we had been expecting Q2 production of 25,000 ounces, with production coming in slightly below our expectations, due to lower than expected grades in the quarter as a higher percentage of development ore was milled versus plan. In Q2 development ore was 49% of the total ore mined, versus a budget of 40%, leading to lower grades overall from the lower-grade development ore and also higher cost mining. Despite this, costs were very good in Q2 (both unit costs and costs per ounce), with mining costs averaging US$135/t, down from US$146/t in Q1/16. Going forward, as development ore drops closer to the 30% target, grades will rise and costs will continue to decline. Richmont is targeting a long term rate of 30% development ore at Island, which would see mining costs drop to the $85-$90/t range, a 25% decline from current levels. In our view the Island mine has tremendous exploration upside, a mill with capacity for expansion, current development opening up new stoping areas with better grades and a strong C$ gold price (comfortably over C$1,700/oz for a while) the mine is very well positioned for 2017 and on.


SEMAFO Inc. (SMF-T, $6.86) - Boring Is Beautiful….Q2 Results Slightly Ahead of Expectations


Q2 CFPS better than forecast-production in line - In Q2/16, Mana produced 61,300 ounces of gold at a total cash cost of US$547/oz and all-in sustaining cost (AISC) of US$742/oz. We were modelling Q2/16 production of 60,000 ounces at a total cash cost of US$535/oz. Q2 delivered CFPS of US$0.12, versus our model of US$0.11 and consensus of US$0.10 per share.


Tahoe Resources Inc. (THO-T, TAHO-N; $21.66) - Strong Q2/16 Production and Cash Flow with All Mines Now Commercial


Q2/16 Financials: reported revenues of US$228 million driving EBITDA of US$104 million and a net income of US$17 million or US$0.05/sh. Operating cash flow came in at US$100 million or US$0.33/sh with free cash flow of US$(2) million or US$(0.01)/sh. Overall financial results exceeded Haywood expectations of revenues of US$211 million driving EBITDA of US$95 million and net income of US$51 million / US$0.16/sh. Cash flow bettered our estimates of US$75 million / US$0.24/sh in OCF.

Q2/16 Operations: Consolidated production totalled 5.7 Moz of silver plus 109.7 koz of gold plus base metals (lead & zinc). On a gold-equivalent basis, production totalled 185.8 koz AuEq at a cash cost of US$484/oz and all-in cost of US$831/oz.




Completed Equity Financings 2013 to Date (C$ million and average transaction size)

Source: Capital IQ

$0

$10

$20

$30

$40

$50

$60

$70

$0

$2,000

$4,000

$6,000

$8,000

$10,000

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

De

c-1

5

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Ave

rage

Siz

e (

C$

Mill

ion

)

Val

ue

(C

$ M

illio

n)

Monthly ($millions)

Cumulative ($millions)

Average Size ($millions)



Weekly Commodities / Indices / Exchange Rates

Metal and Currency Prices for the Week


14,600

14,800

15,000

8/8 8/12

S&P/TSX Composite IndexLast: 14,747

260

280

300

8/8 8/12

S&P/TSX Global Gold IndexLast: 275.6

18,200

18,400

18,600

18,800

8/8 8/12

Dow Jones Industrial AverageLast: 18,576

750

800

850

8/8 8/12

S&P/TSX Venture Comp IndexLast: 833

84

86

88

90

92

8/8 8/12

S&P/TSX Global Base Metals IndexLast: 86.99

2,160

2,180

2,200

8/8 8/12

S&P 500 IndexLast: 2,184

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

Gold Spot 1,336 0.25 0.02% 1,375 1,347

US$/oz 1,046 1,335

Silver Spot 19.71 0.00 0.00% 21.14 20.15

US$/oz 13.65 19.71

Platinum Spot 1,122 (24.26) (2.16)% 1,195 1,176

US$/oz 811 1,122

Palladium Spot 685 (10.86) (1.58)% 747 724

US$/oz 452 685

Copper Future 2.15 (0.01) (0.64)% 2.46 2.20

US$/lb 1.95 2.15

Nickel Spot 4.65 (0.19) (4.05)% 4.95 4.91

US$/lb 3.43 4.65

Lead Spot 0.83 0.02 2.86% 0.86 0.83

US$/lb 0.70 0.81

Zinc Spot 1.01 (0.01) (1.42)% 1.05 1.04

US$/lb 0.66 1.01

Aluminum Spot 0.75 0.00 0.58% 0.84 0.75

US$/lb 0.65 0.74

Iron Ore Spot 59 (1.43) (2.43)% 140 79

US$/t 78 78

Newcastle Coal 69 5.15 7.43% 50 69

US$/t 50 64

CAAP Coal 40 - 0.00% 45 40

US$/t 40 40

Uranium Spot 26.00 (0.25) (0.96)% 39 26

US$/lb 25 26

WTI 45 2.85 6.38% 55 45

US$/bbl 33 42

Brent 47 2.86 6.07% 58 47

US$/bbl 32 44

Henry Hub 2.59 (0.18) (7.03)% 3.09 2.77

US$/MMBtu 2.01 2.55

ENER

GY

BA

SE M

ETA

LSP

REC

IOU

S M

ETA

LS

Name Close 1Wk Δ % 5 Day Trend 52W H/L 1W H/L

TSX 14,747 99 0.67% 14,856 14,801

11,531 14,649

TSXV 833 26.60 3.19% 848 837

466 807

Canadian Dollar 1.30 (0.02) (1.63)% 1.47 1.32

1.25 1.30

Euro 1.12 0.01 0.66% 1.17 1.12

1.05 1.11

China Renminbi 6.64 (0.02) (0.36)% 6.70 6.66

6.32 6.63

Mexican Peso 18.25 (0.51) (2.79)% 19.52 18.75

16.33 18.23

Peruvian Sol 3.32 (0.02) (0.51)% 3.54 3.33

3.18 3.30

S. African Rand 13.50 (0.23) (1.71)% 17.92 13.73

12.76 13.28

Australian Dollar 0.76 0.00 0.39% 0.78 0.77

0.68 0.76

Japanese Yen 101.3 (0.55) (0.54)% 124.6 102.5

99.0 101.3

Chilean Peso 649 (7.37) (1.13)% 733 657

643 643

British Pound 1.29 (0.02) (1.26)% 1.58 1.31

1.28 1.29

Swiss Franc 0.97 (0.01) (0.59)% 1.03 0.98

0.93 0.97

Norwegian Krone 8.22 (0.28) (3.46)% 8.99 8.51

7.97 8.22

Turkish Lira 2.96 (0.04) (1.33)% 3.10 3.00

2.76 2.96

Indian Rupee 66.89 0.11 0.17% 68.79 66.89

64.70 66.72

EXC

HA

NG

E R

ATE

SIN

DIC

IES



Commodities and ETFs: A Week in Action

Gold - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+0.0%) for the week

ETF Holdings: 65,585,305 ounces, up 279,705 ounces for the week

Silver - 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 656,895,150 ounces, up 1,029,973 ounces for the week

Platinum - 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Loss (-2.1%) for the week

ETF Holdings: 2,303,152 ounces, up 75 ounces for the week

Palladium - 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 2,142,394 ounces, down 2,598 ounces for the week

Copper - 1-Year US$/lb (left) and LME Inventory (right)

Futures: Loss (-0.6%) for the week

LME Copper: 202,375 tonnes, down 4,275 tonnes for the week

Nickel - 1-Year US$/lb (left) and LME Inventory (right)


LME Nickel: 369,222 tonnes, down 270 tonnes for the week



Lead - 1-Year US$/lb (left) and LME Inventory (right)


LME Lead: 187,525 tonnes, down 700 tonnes for the week

Zinc - 1-Year US$/lb (left) and LME Inventory (right)


LME Zinc: 458,275 tonnes, up 28,575 tonnes for the week

Iron – 1-Year US$/t 58% Fe (left) and 62% Fe (right)

58% Fe Iron Ore: Gain (+3.1%) for the week

62% Fe Iron Ore: Loss (-2.4%) for the week

Thermal Coal – 1-Year US$/t Central Appalachian (left) and Newcastle (right)

CAPP Futures: Unchanged (0.0%) for the week

Newcastle Thermal Futures: Gain (+0.5%) for the week

Uranium – 1-Year US$/lb Short-Term (left) and Long-Term (right)

Uranium Spot: Loss (-1.4%) for the week

Uranium Long-Term: Unchanged

Source: Bloomberg, UxC Consulting, and Haywood Securities

$30

$35

$40

$45

$50

Au

g-1

5

Sep

-15

Oct

-15

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Central App Coal ($/t)

Price

100D MA

$35

$40

$45

$50

$55

$60

Au

g-1

5

Sep

-15

Oct

-15

No

v-15

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Newcastle Coal (AUD/t)

Price

100D MA



Equities: Weekly Performances

S&P TSX Global Mining Index – Top and Bottom Performance (upper) and Constituent Performance (lower)


Top Companies Close $∆ %∆

Torex Gold Resources Inc 32.02 5.51 21%

Ivanhoe Mines Ltd. 1.72 0.26 18%

Silver Standard Resources Inc. 19.87 2.33 13%

Constellium N.V 5.69 0.59 12%

Sandstorm Gold Ltd. 8.46 0.86 11%

Guyana Goldfields Inc. 9.41 0.95 11%

OceanaGold Corporation 4.88 0.42 9%

Endeavour Silver Corp. 7.18 0.56 8%

Hecla Mining Co. 6.99 0.49 8%

Centerra Gold Inc. 8.01 0.56 8%

1Wk

Bottom Companies Close $∆ %∆

IAMGOLD Corp. 6.50 (0.78) (11)%

CONSOL Energy Inc. 17.23 (1.82) (10)%

Altius Minerals Corp. 9.49 (0.59) (6)%

Rio Tinto plc 31.08 (1.66) (5)%

Newmarket Gold Inc. 4.10 (0.21) (5)%

Richmont Mines Inc. 10.07 (0.50) (5)%

NovaGold Resources Inc. 8.51 (0.39) (4)%

SEMAFO Inc. 6.60 (0.28) (4)%

Freeport-McMoRan Inc. 11.82 (0.41) (3)%

Alcoa Inc. 10.17 (0.33) (3)%

1Wk

1Wk 52Wk 1Wk 52Wk

Ticker Company Close $∆ %∆ High Low Ticker Company Close $∆ %∆ High Low

TSX:AEM Agnico Eagle Mines Limited 75.80 (0.42) (1)% 78.35 28.15 NasdaqGS:KALU Kaiser Aluminum Corporation 83.49 (0.58) (1)% 96.06 70.14

TSX:ASR Alacer Gold Corp. 3.31 0.03 1% 3.64 2.08 TSX:K Kinross Gold Corporation 6.75 (0.20) (3)% 7.56 1.79

TSX:AGI Alamos Gold, Inc. 11.68 0.01 0% 13.65 3.27 TSX:KGI Kirkland Lake Gold Inc. 11.69 0.67 6% 12.39 4.51

NYSE:AA Alcoa Inc. 10.17 (0.33) (3)% 11.50 6.14 TSX:KDX Klondex Mines Ltd. 6.58 0.42 7% 6.83 2.56

NasdaqGS:ARLP Alliance Resource Partners LP 19.92 0.66 3% 26.18 9.95 TSX:LUC Lucara Diamond Corp. 4.19 - - 4.38 1.42

TSX:ALS Altius Minerals Corp. 9.49 (0.59) (6)% 13.89 7.39 TSX:LUN Lundin Mining Corporation 5.55 0.09 2% 5.79 2.98

NYSE:ACH Aluminum Corporation Of China Limited 8.94 0.05 1% 9.66 6.87 TSX:MAG MAG Silver Corp. 21.65 0.78 4% 22.37 8.60

NYSE:AU AngloGold Ashanti Ltd. 21.91 0.24 1% 22.91 6.20 TSX:MDI Major Drilling Group International Inc. 7.66 0.04 1% 8.09 3.55

TSX:AKG Asanko Gold Inc. 5.69 0.21 4% 6.00 1.77 NYSE:MTRN Materion Corporation 26.98 (0.42) (2)% 35.21 20.62

TSX:BTO B2Gold Corp. 4.49 0.11 3% 4.74 0.86 NYSE:MUX McEwen Mining Inc. 4.36 0.08 2% 4.92 0.71

TSX:ABX Barrick Gold Corporation 28.20 0.23 1% 30.45 7.89 TSX:NSU Nevsun Resources Ltd. 4.29 0.04 1% 4.81 3.27

NYSE:BHP BHP Billiton Limited 30.97 (0.05) (0)% 38.10 18.46 TSX:NGD New Gold, Inc. 7.40 0.07 1% 7.87 2.53

NYSE:BBL BHP Billiton plc 26.84 (0.04) (0)% 36.66 16.36 TSX:NMI Newmarket Gold Inc. 4.10 (0.21) (5)% 4.71 1.01

TSX:CCO Cameco Corporation 12.64 0.10 1% 19.32 12.12 NYSE:NEM Newmont Mining Corporation 45.17 0.74 2% 46.02 15.39

TSX:CG Centerra Gold Inc. 8.01 0.56 8% 8.67 5.64 TSX:NG NovaGold Resources Inc. 8.51 (0.39) (4)% 9.56 4.05

TSX:CGG China Gold International Resources Corp Ltd 2.43 0.06 3% 2.72 1.60 TSX:OGC OceanaGold Corporation 4.88 0.42 9% 5.56 1.79

NYSE:CDE Coeur Mining, Inc. 15.65 0.15 1% 16.41 1.62 TSX:OR Osisko Gold Royalties Ltd. 16.95 (0.42) (2)% 18.64 12.58

NYSE:BVN Compañía de Minas Buenaventura S.A.A. 15.62 0.49 3% 15.70 3.30 TSX:PAA Pan American Silver Corp. 26.74 1.45 6% 26.65 7.78

NYSE:CMP Compass Minerals International Inc. 70.88 0.79 1% 86.41 66.30 TSX:PG Premier Gold Mines Limited 4.74 (0.04) (1)% 5.05 2.03

NYSE:CNX CONSOL Energy Inc. 17.23 (1.82) (10)% 19.62 4.54 TSX:PVG Pretium Resources Inc. 15.24 0.02 0% 16.17 5.74

NYSE:CSTM Constellium N.V 5.69 0.59 12% 9.94 3.38 TSX:P Primero Mining Corp. 2.31 0.02 1% 4.41 1.94

TSX:DGC Detour Gold Corporation 33.91 0.41 1% 35.93 12.14 NasdaqGS:GOLD Randgold Resources Limited 109.11 (0.38) (0)% 126.55 54.88

TSX:DDC Dominion Diamond Corporation 11.87 0.24 2% 17.16 9.96 AMEX:RIC Richmont Mines Inc. 10.07 (0.50) (5)% 11.48 2.41

TSX:ELD Eldorado Gold Corporation 5.45 0.20 4% 6.71 2.67 NYSE:RIO Rio Tinto plc 31.08 (1.66) (5)% 40.05 21.89

TSX:EDV Endeavour Mining Corporation 22.79 0.08 0% 26.38 5.10 NasdaqGS:RGLD Royal Gold, Inc. 83.26 (0.18) (0)% 87.74 24.68

TSX:EDR Endeavour Silver Corp. 7.18 0.56 8% 7.75 1.46 TSX:SSL Sandstorm Gold Ltd. 8.46 0.86 11% 8.64 2.82

NasdaqGS:GSM Ferroglobe PLC 9.30 0.07 1% 13.17 6.90 TSX:SMF SEMAFO Inc. 6.60 (0.28) (4)% 7.46 2.51

TSX:FR First Majestic Silver Corp. 23.46 - - 24.96 3.50 NYSE:SBGL Sibanye Gold Limited 20.10 0.16 1% 20.97 4.07

TSX:FM First Quantum Minerals Ltd. 11.67 0.20 2% 12.26 2.15 TSX:SSO Silver Standard Resources Inc. 19.87 2.33 13% 20.45 5.28

TSX:FVI Fortuna Silver Mines Inc. 11.74 0.18 2% 12.73 2.65 TSX:SLW Silver Wheaton Corp. 39.52 1.59 4% 40.80 14.51

TSX:FNV Franco-Nevada Corporation 100.80 (0.77) (1)% 105.69 51.92 NYSE:SCCO Southern Copper Corp. 26.09 (0.13) (0)% 31.31 21.55

NYSE:FCX Freeport-McMoRan Inc. 11.82 (0.41) (3)% 14.20 3.52 NYSE:SWC Stillwater Mining Company 14.82 (0.35) (2)% 15.91 4.99

NYSE:GFI Gold Fields Ltd. 6.38 0.24 4% 6.60 2.04 TSX:THO Tahoe Resources Inc. 21.22 1.06 5% 22.13 9.45

TSX:G Goldcorp Inc. 24.47 1.49 6% 26.56 13.55 TSX:TCK.B Teck Resources Limited 20.44 (0.49) (2)% 22.27 3.65

TSX:GUY Guyana Goldfields Inc. 9.41 0.95 11% 10.35 2.48 TSX:TXG Torex Gold Resources Inc 32.02 5.51 21% 30.40 10.70

NYSE:HL Hecla Mining Co. 6.99 0.49 8% 7.26 1.45 TSX:TRQ Turquoise Hill Resources Ltd. 4.04 (0.09) (2)% 4.72 2.30

TSX:HBM HudBay Minerals, Inc. 6.04 0.15 3% 7.85 2.26 NYSE:VEDL Vedanta Limited 9.91 (0.20) (2)% 10.27 3.52

TSX:IMG IAMGOLD Corp. 6.50 (0.78) (11)% 7.65 1.66 TSX:YRI Yamana Gold, Inc. 7.36 (0.08) (1)% 7.87 1.89

TSX:IVN Ivanhoe Mines Ltd. 1.72 0.26 18% 1.78 0.53 NYSE:YZC Yanzhou Coal Mining Co. Ltd. 6.36 - - 7.02 3.66



Haywood Metals and Currencies Forecast (Current and Previous Quarter)


OLD NEW OLD NEW OLD NEW OLD NEW OLD NEW

Gold, US$/oz $1,250 $1,300 $1,275 $1,450 $1,275 $1,450 $1,275 $1,450 $1,275 $1,450

Silver, US$/oz $17.00 $18.00 $18.00 $24.00 $18.00 $24.00 $18.00 $24.00 $18.00 $24.00

Copper, US$/lb $2.25 $2.25 $2.25 $2.25 $2.50 $2.50 $2.75 $2.75 $3.00 $3.00

Lead, US$/lb $0.75 $0.75 $0.95 $0.95 $1.15 $1.15 $1.10 $1.10 $1.10 $1.10

Nickel, US$/lb $4.00 $4.00 $5.50 $5.50 $7.00 $7.00 $8.50 $8.50 $8.50 $8.50

Zinc, US$/lb $0.80 $0.80 $1.00 $1.00 $1.20 $1.20 $1.15 $1.15 $1.15 $1.15

Cobalt, US$/lb $11.00 $11.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00

Molybdenum, US$/lb $6.00 $6.00 $6.00 $6.00 $7.00 $7.00 $8.00 $8.00 $8.00 $8.00

Uranium (Spot), US$/lb $32.20 $32.20 $43.50 $43.50 $54.50 $54.50 $63.80 $63.80 $70.00 $70.00

Uranium (Long Term), US$/lb $45.50 $45.50 $51.30 $51.30 $57.50 $57.50 $65.00 $65.00 $70.00 $70.00

Vanadium (V2O5), US$/lb $3.50 $3.50 $5.50 $5.50 $6.50 $6.50 $7.00 $7.00 $7.00 $7.00

Antimony****, US$/t $6,000 $6,000 $7,000 $7,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000

**** MMTA Standard Grade II US$/t Rotterdam

OLD NEW OLD NEW OLD NEW OLD NEW OLD NEW

C$/US$ FX Rate 1.323 1.323 1.295 1.295 1.282 1.282 1.246 1.246 1.145 1.145

AUS$/US$ FX Rate 1.374 1.374 1.401 1.401 1.355 1.355 1.305 1.305 1.271 1.271

Euro/US$ FX Rate 0.897 0.897 0.903 0.903 0.893 0.893 0.857 0.857 0.790 0.790

Mexican Peso/US$ FX Rate 17.87 17.87 17.94 17.94 17.09 17.09 16.52 16.52 17.95 17.95

Currencies

Commodities2016E 2020E+2017E 2018E 2019E

2016E 2020E+2017E 2018E 2019E



Upcoming Macroeconomic News

Source: Bloomberg

Date Event Period Survey Prior Date Event Period Survey Prior

United States Canada15-Aug-16 Empire Manufacturing Aug 2 0.55 15-Aug-16 Existing Home Sales MoM Jul -- -0.90%15-Aug-16 NAHB Housing Market Index Aug 60 59 15-Aug-16 Bloomberg Nanos Confidence 12-Aug -- 59.915-Aug-16 Total Net TIC Flows Jun -- -$11.0b 16-Aug-16 Manufacturing Sales MoM Jun 0.50% -1.00%15-Aug-16 Net Long-term TIC Flows Jun -- $41.1b 18-Aug-16 Int'l Securities Transactions Jun -- 14.73b16-Aug-16 Housing Starts Jul 1180k 1189k 19-Aug-16 Retail Sales MoM Jun 0.50% 0.20%16-Aug-16 Housing Starts MoM Jul -0.80% 4.80% 19-Aug-16 Retail Sales Ex Auto MoM Jun 0.30% 0.90%16-Aug-16 Building Permits Jul 1160k 1153k 19-Aug-16 CPI NSA MoM Jul 0.00% 0.20%16-Aug-16 Building Permits MoM Jul 0.60% 1.50% 19-Aug-16 CPI YoY Jul 1.30% 1.50%16-Aug-16 CPI MoM Jul 0.00% 0.20% 19-Aug-16 Consumer Price Index Jul 129.2 129.116-Aug-16 CPI Ex Food and Energy MoM Jul 0.20% 0.20% 19-Aug-16 CPI Core MoM Jul 0.00% 0.00%16-Aug-16 CPI YoY Jul 0.90% 1.00% 19-Aug-16 CPI Core YoY Jul 2.10% 2.10%16-Aug-16 CPI Ex Food and Energy YoY Jul 2.30% 2.30% 19-Aug-16 CPI SA MoM Jul 0.20% 0.20%16-Aug-16 CPI Index NSA Jul 240.805 241.038 19-Aug-16 CPI Core SA MoM Jul 0.20% 0.20%16-Aug-16 CPI Core Index SA Jul 247.848 247.49516-Aug-16 Real Avg Weekly Earnings YoY Jul -- 1.20%16-Aug-16 Industrial Production MoM Jul 0.30% 0.60%16-Aug-16 Capacity Utilization Jul 75.60% 75.40%16-Aug-16 Manufacturing (SIC) Production Jul 0.20% 0.40%17-Aug-16 MBA Mortgage Applications 12-Aug -- 7.10%17-Aug-16 U.S. Fed Releases Minutes from July 17-Aug-16 FOMC Meeting Minutes 27-Jul -- --18-Aug-16 Initial Jobless Claims 13-Aug 265k 266k18-Aug-16 Continuing Claims 6-Aug -- 2155k18-Aug-16 Philadelphia Fed Business Outlook Aug 2 -2.918-Aug-16 Bloomberg Economic Expectations Aug -- 44.518-Aug-16 Bloomberg Consumer Comfort 14-Aug -- 41.818-Aug-16 Leading Index Jul 0.30% 0.30%



Precious Metals Comparables – Consensus Estimates


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Cash Capital Debt Value 2016E 2017E Number of

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS Estimates 2016E 2017E 2016E 2017E 2016E 2017E

Senior Precious Metals Producers

Agnico Eagle Mines Limited TSX:AEM C$ 75.60 223.5 US$ 13,064 US$ 559 US$ 781 US$ 1,073 US$ 13,356 US$ 3.50 US$ 3.93 12 16.7x 14.9x 17.1x 15.2x 14.6x 12.4x

AngloGold Ashanti Ltd. NYSE:AU C$ 28.65 407.5 US$ 9,030 US$ 485 US$ 643 US$ 2,637 US$ 11,024 US$ 3.57 US$ 3.99 6 6.2x 5.6x 7.6x 6.8x 5.8x 5.3x

Barrick Gold Corporation TSX:ABX C$ 28.20 1165.0 US$ 25,405 US$ 2,441 US$ 3,152 US$ 8,732 US$ 30,985 US$ 2.22 US$ 2.71 11 9.8x 8.0x 12.0x 9.8x 7.8x 7.0x

Compañía de Minas Buenaventura S.A.A. NYSE:BVN C$ 20.20 254.2 US$ 3,970 US$ 181 US$ 222 US$ 272 US$ 4,020 US$ 1.56 US$ 1.94 3 10.0x 8.1x 10.2x 8.2x 11.1x 7.0x

Eldorado Gold Corporation TSX:ELD C$ 5.45 715.3 US$ 3,015 US$ 172 US$ 1,178 US$ 590 US$ 2,428 US$ 0.24 US$ 0.33 13 17.4x 12.8x 14.0x 10.3x 10.0x 8.4x

Fresnillo PLC LSE:FRES C$ 32.84 736.9 US$ 18,712 US$ 701 US$ 1,116 US$ 798 US$ 18,393 US$ 1.03 US$ 1.36 5 24.6x 18.7x 24.2x 18.4x 17.8x 14.8x

Gold Fields Ltd. NYSE:GFI C$ 8.33 820.7 US$ 5,289 US$ 440 US$ 344 US$ 1,762 US$ 6,706 US$ 1.10 US$ 1.27 6 5.9x 5.1x 7.5x 6.4x 5.0x 4.6x

Goldcorp Inc. TSX:G C$ 24.47 853.0 US$ 16,141 US$ 365 US$ 504 US$ 2,603 US$ 18,240 US$ 1.54 US$ 1.99 17 12.3x 9.5x 13.9x 10.7x 11.2x 9.1x

Kinross Gold Corporation TSX:K C$ 6.75 1244.7 US$ 6,497 US$ 1,014 US$ 1,487 US$ 1,733 US$ 6,743 US$ 0.81 US$ 1.04 14 6.4x 5.0x 6.7x 5.2x 5.3x 4.7x

Newcrest Mining Limited ASX:NCM C$ 25.38 766.0 US$ 15,033 US$ 105 US$ 327 US$ 2,614 US$ 17,320 US$ 1.35 US$ 1.78 6 14.6x 11.0x 16.8x 12.7x 13.0x 9.9x

Newmont Mining Corporation NYSE:NEM C$ 58.41 530.6 US$ 23,967 US$ 2,948 US$ 3,934 US$ 5,357 US$ 25,390 US$ 4.79 US$ 4.96 9 9.4x 9.1x 10.0x 9.7x 8.1x 8.0x

Randgold Resources Limited LSE:RRS C$ 143.19 93.6 US$ 10,360 US$ 273 US$ 464 US$ 3 US$ 9,899 US$ 4.72 US$ 6.61 5 23.4x 16.8x 22.4x 16.0x 16.5x 13.1x

Yamana Gold, Inc. TSX:YRI C$ 7.36 947.6 US$ 5,393 US$ 190 US$ 73 US$ 1,662 US$ 6,983 US$ 0.67 US$ 0.83 14 8.5x 6.9x 11.0x 8.9x 9.1x 7.3x

Group Average - Senior Producers 12.7x 10.1x 13.3x 10.6x 10.4x 8.6x

Group Average - Senior Producers (excluding high/low) 12.2x 9.8x 12.9x 10.4x 10.2x 8.4x

Intermediate Precious Metals Producers

Acacia Mining plc LSE:ACA C$ 9.82 410.1 US$ 3,114 US$ 284 US$ 309 US$ 86 US$ 2,891 US$ 0.89 US$ 0.96 9 8.5x 7.9x 7.9x 7.3x 6.9x 6.4x

Alacer Gold Corp. TSX:ASR C$ 3.31 291.9 US$ 747 US$ 311 US$ 352 - US$ 396 US$ 0.28 US$ 0.20 8 9.0x 12.7x 4.8x 6.7x 5.6x 5.8x

Alamos Gold Inc. TSX:AGI C$ 11.68 255.5 US$ 2,308 US$ 403 US$ 494 US$ 313 US$ 2,127 US$ 0.58 US$ 0.87 11 15.7x 10.4x 14.5x 9.6x 12.8x 7.9x

B2Gold Corp. TSX:BTO C$ 4.49 939.4 US$ 3,262 US$ 100 US$ 106 US$ 448 US$ 3,604 US$ 0.32 US$ 0.30 14 10.7x 11.6x 11.8x 12.9x 11.6x 10.2x

Centamin Plc LSE:CEY C$ 2.93 1146.1 US$ 2,593 US$ 282 US$ 431 - US$ 2,162 US$ 0.26 US$ 0.22 6 8.8x 10.2x 7.4x 8.5x 6.0x 5.9x

Centerra Gold Inc. TSX:CG C$ 8.01 242.2 US$ 1,500 US$ 527 US$ 785 - US$ 715 US$ 1.25 US$ 1.37 5 4.9x 4.5x 2.4x 2.2x 1.8x 1.8x

Detour Gold Corporation TSX:DGC C$ 33.91 173.8 US$ 4,557 US$ 154 US$ 174 US$ 401 US$ 4,784 US$ 1.59 US$ 2.36 17 16.5x 11.1x 17.3x 11.7x 17.0x 11.2x

Dundee Precious Metals Inc. TSX:DPM C$ 3.41 160.6 US$ 423 US$ 24 US$ 38 US$ 123 US$ 509 US$ 0.53 US$ 0.56 5 5.0x 4.7x 6.0x 5.6x 6.9x 5.0x

Harmony Gold Mining Company Limited NYSE:HMY C$ 5.80 436.2 US$ 1,956 US$ 57 US$ 57 US$ 200 US$ 2,099 US$ 0.52 US$ 1.10 5 8.7x 4.1x 9.3x 4.4x 6.4x 3.6x

Hecla Mining Co. NYSE:HL C$ 9.04 386.5 US$ 2,701 US$ 159 US$ 181 US$ 500 US$ 3,020 US$ 0.57 US$ 0.67 6 12.2x 10.4x 13.6x 11.7x 12.1x 10.2x

IAMGOLD Corp. TSX:IMG C$ 6.50 406.0 US$ 2,041 US$ 555 US$ 759 US$ 629 US$ 1,910 US$ 0.62 US$ 0.84 8 8.2x 6.0x 7.6x 5.6x 5.9x 4.1x

New Gold, Inc. TSX:NGD C$ 7.40 512.8 US$ 2,935 US$ 220 US$ 322 US$ 789 US$ 3,401 US$ 0.54 US$ 0.63 15 10.6x 9.1x 12.2x 10.5x 11.0x 9.0x

Nord Gold N.V. LSE:NORD C$ 4.66 370.4 US$ 1,333 US$ 365 US$ 282 US$ 774 US$ 1,825 US$ 0.84 US$ 1.14 3 4.3x 3.1x 5.9x 4.3x 3.3x 3.0x

OceanaGold Corporation TSX:OGC C$ 4.88 608.5 US$ 2,296 US$ 104 US$ 51 US$ 183 US$ 2,428 US$ 0.43 US$ 0.67 14 8.8x 5.7x 9.3x 6.0x 8.8x 5.2x

SEMAFO Inc. TSX:SMF C$ 6.60 324.3 US$ 1,655 US$ 254 US$ 268 US$ 59 US$ 1,446 US$ 0.47 US$ 0.46 11 10.9x 11.1x 9.5x 9.7x 9.0x 8.5x

Torex Gold Resources Inc TSX:TXG C$ 32.02 78.9 US$ 1,954 US$ 74 US$ 82 US$ 399 US$ 2,270 US$ 1.67 US$ 2.58 6 14.8x 9.6x 17.2x 11.1x 17.6x 8.5x

Group Average - Intermediate Producers 9.8x 8.3x 9.8x 8.0x 8.9x 6.6x

Group Average - Intermediate Producers (excluding high/low) 9.8x 8.3x 9.8x 8.1x 8.8x 6.7x

Junior Precious Metals Producers

Argonaut Gold Inc. TSX:AR C$ 3.58 158.5 US$ 439 US$ 54.1 US$ 103.6 US$ 0.0 US$ 335.1 US$ 0.32 US$ 0.38 7 8.8x 7.3x 6.7x 5.6x 5.8x 4.9x

Asanko Gold Inc. TSX:AKG C$ 5.69 197.0 US$ 867 US$ 67.8 US$ 10.8 US$ 120.8 US$ 976.9 US$ 0.22 US$ 0.52 6 20.2x 8.5x 22.7x 9.6x 19.7x 6.9x

Endeavour Mining Corporation TSX:EDV C$ 22.79 92.6 US$ 1,632 US$ 134.0 US$ 68.9 US$ 192.3 US$ 1,755.2 US$ 2.46 US$ 3.28 5 7.2x 5.4x 7.7x 5.8x 6.5x 5.2x

Golden Star Resources, Ltd. TSX:GSC C$ 0.99 282.7 US$ 216 US$ 7.6 US$ (119.5) US$ 57.7 US$ 393.6 US$ 0.09 US$ 0.26 3 8.5x 3.0x 15.5x 5.4x 11.2x 3.8x

Guyana Goldfields Inc. TSX:GUY C$ 9.41 167.4 US$ 1,218 US$ 16.6 US$ 12.6 US$ 97.6 US$ 1,303.0 US$ 0.51 US$ 0.69 5 14.4x 10.5x 15.4x 11.3x 14.7x 8.7x

Highland Gold Mining Ltd. AIM:HGM C$ 2.35 325.2 US$ 592 US$ 24.2 US$ 37.1 US$ 183.0 US$ 737.5 US$ 0.40 US$ 0.40 2 4.5x 4.6x 5.7x 5.7x 4.6x 4.3x

Kirkland Lake Gold Inc. TSX:KGI C$ 11.69 117.4 US$ 1,061 US$ 121.4 US$ 64.9 US$ 78.6 US$ 1,074.7 US$ 1.15 US$ 1.39 9 7.9x 6.5x 8.0x 6.6x 7.6x 5.7x

McEwen Mining Inc. TSX:MUX C$ 5.62 299.0 US$ 1,299 US$ 41.4 US$ 47.6 US$ 0.0 US$ 1,251.6 - - 0 - - - - - -

Newmarket Gold Inc. TSX:NMI C$ 4.10 177.7 US$ 563 US$ 69.9 US$ 56.3 US$ 0.3 US$ 507.2 US$ 0.60 US$ 0.78 7 5.3x 4.1x 4.7x 3.7x 5.4x 3.7x

Perseus Mining Limited TSX:PRU C$ 0.56 1022.7 US$ 443 US$ 51.0 US$ 81.4 US$ 0.0 US$ 361.5 US$ 0.06 US$ 0.05 1 7.0x 8.8x 5.7x 7.2x 18.5x 6.6x

Primero Mining Corp. TSX:P C$ 2.31 187.7 US$ 335 US$ 54.5 US$ 15.4 US$ 63.8 US$ 383.7 US$ 0.29 US$ 0.62 9 6.1x 2.9x 6.9x 3.3x 5.1x 2.5x

Richmont Mines Inc. TSX:RIC C$ 13.03 62.7 US$ 632 US$ 73.6 US$ 62.8 US$ 5.4 US$ 574.3 US$ 0.75 US$ 0.94 12 13.5x 10.7x 12.3x 9.7x 12.9x 9.0x

Roxgold Inc. TSXV:ROG C$ 1.68 608.5 US$ 791 US$ 42.1 US$ 17.2 US$ 47.3 US$ 820.6 US$ 0.08 US$ 0.20 4 15.3x 6.3x 15.9x 6.6x 3.2x 3.3x

Teranga Gold Corporation TSX:TGZ C$ 1.30 392.1 US$ 394 US$ 58.1 US$ 22.7 US$ 13.7 US$ 385.1 US$ 0.17 US$ 0.22 5 5.9x 4.6x 5.7x 4.5x 4.2x 3.0x

Timmins Gold Corp. TSX:TMM C$ 0.72 319.2 US$ 178 US$ 12.4 US$ 13.9 US$ 0.0 US$ 163.8 US$ 0.13 US$ 0.09 5 4.2x 5.9x 3.9x 5.5x 4.1x 4.3x

Group Average - Junior Producers 9.2x 6.4x 9.8x 6.5x 8.8x 5.1x

Group Average - Junior Producers (excluding high/low) 8.7x 6.3x 9.2x 6.3x 8.4x 5.0x

All data sourced from Capital IQ

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio



Other Precious Metals Comparables – Consensus Estimates





PGM Producers

Impala Platinum Holdings Ltd. JSE:IMP C$ 6.47 709.7 US$ 3,549 US$ 411 US$ 809 US$ 574 US$ 3,314 US$ 0.30 US$ 0.45 4 16.7x 11.2x 15.6x 10.5x 11.4x 8.3x

Lonmin plc LSE:LMI C$ 4.07 282.1 US$ 888 US$ 264 US$ 529 US$ 150 US$ 509 US$ 0.27 US$ 0.56 5 11.7x 5.7x 6.7x 3.2x 7.3x 3.4x

Stillwater Mining Company NYSE:SWC C$ 19.16 121.1 US$ 1,794 US$ 442 US$ 519 US$ 264 US$ 1,539 US$ 0.68 US$ 1.06 2 21.8x 14.0x 18.7x 12.0x 17.9x 10.9x

North American Palladium Ltd. TSX:PDL C$ 6.18 58.1 US$ 278 US$ 3 US$ 11 US$ 25 US$ 292 - - 0 - - - - - -

Group Average - PGM Producers 16.7x 10.3x 13.7x 8.6x 12.2x 7.5x

Group Average - PGM Producers (excluding high/low) 16.7x 11.2x 15.6x 10.5x 11.4x 8.3x

Silver Producers

Aurcana Corporation TSXV:AUN C$ 0.73 84.7 US$ 48 US$ 1 US$ 1 - US$ 47 - - 0 - - - - - -

Coeur Mining, Inc. NYSE:CDE C$ 20.24 162.4 US$ 2,541 US$ 258 US$ 287 US$ 374 US$ 2,628 US$ 1.27 US$ 1.66 5 12.3x 9.4x 12.7x 9.7x 10.0x 8.1x

Endeavour Silver Corp. TSX:EDR C$ 7.18 125.6 US$ 698 US$ 57 US$ 72 US$ 4 US$ 629 US$ 0.28 US$ 0.42 5 20.1x 13.3x 18.1x 12.0x 15.0x 10.8x

First Majestic Silver Corp. TSX:FR C$ 23.46 162.2 US$ 2,943 US$ 121 US$ 119 US$ 38 US$ 2,862 US$ 0.70 US$ 1.05 6 26.0x 17.3x 25.3x 16.8x 24.4x 17.4x

Fortuna Silver Mines Inc. TSX:FVI C$ 11.74 145.3 US$ 1,319 US$ 91 US$ 90 US$ 40 US$ 1,269 US$ 0.51 US$ 0.66 5 17.9x 13.9x 17.2x 13.3x 15.1x 10.6x

Hecla Mining Co. NYSE:HL C$ 9.04 386.5 US$ 2,701 US$ 159 US$ 181 US$ 500 US$ 3,020 US$ 0.57 US$ 0.67 5 12.2x 10.4x 13.6x 11.7x 12.1x 10.2x

Mandalay Resources Corp. TSX:MND C$ 1.15 450.7 US$ 401 US$ 46 US$ 22 US$ 2 US$ 381 US$ 0.18 US$ 0.28 4 4.9x 3.2x 4.7x 3.0x 4.4x 3.2x

Pan American Silver Corp. TSX:PAA C$ 26.74 152.0 US$ 3,144 US$ 204 US$ 399 US$ 36 US$ 2,781 US$ 1.24 US$ 1.65 6 16.7x 12.5x 14.7x 11.1x 11.5x 10.8x

Silver Standard Resources Inc. TSX:SSO C$ 19.87 118.4 US$ 1,819 US$ 426 US$ 530 US$ 214 US$ 1,503 US$ 1.57 US$ 1.46 4 9.8x 10.5x 8.1x 8.7x 7.5x 7.2x

Silvercorp Metals Inc. TSX:SVM C$ 4.17 167.0 US$ 539 US$ 73 US$ 42 - US$ 496 US$ 0.18 US$ 0.24 2 17.9x 13.4x 16.5x 12.4x 12.1x -

Tahoe Resources Inc. TSX:THO C$ 21.22 311.0 US$ 5,103 US$ 153 US$ 156 US$ 2 US$ 4,948 US$ 1.17 US$ 1.46 10 14.1x 11.2x 13.6x 10.9x 12.4x 9.9x

Group Average - Silver Producers 15.2x 11.5x 14.5x 11.0x 12.5x 9.8x

Group Average - Silver Producers (excluding high/low) 15.1x 11.8x 14.3x 11.2x 12.0x 9.7x

Diamond Producers

Dominion Diamond Corporation NYSE:DDC C$ 11.86 85.3 US$ 783 US$ 226 US$ 480 US$ 11 US$ 313 US$ 1.67 US$ 3.32 4 5.5x 2.8x 2.2x 1.1x 1.3x 1.0x

Lucara Diamond Corp. TSX:LUC C$ 4.19 381.7 US$ 1,237 US$ 211 US$ 213 - US$ 1,023 US$ 0.35 US$ 0.25 8 9.2x 13.1x 7.6x 10.8x 4.0x 6.8x

Group Average - Diamond Producers 7.3x 7.9x 4.9x 6.0x 2.6x 3.9x

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 1.56 169.0 US$ 203 US$ 8 US$ 13 US$ 11 US$ 201 US$ 0.06 US$ 0.09 3 20.5x 12.7x 20.2x 12.5x 15.2x 10.0x

Franco-Nevada Corporation TSX:FNV C$ 100.80 178.1 US$ 13,883 US$ 226 US$ 296 - US$ 13,586 US$ 2.56 US$ 2.75 15 30.5x 28.4x 29.8x 27.8x 28.5x 25.3x

Osisko Gold Royalties Ltd. TSX:OR C$ 16.95 106.5 US$ 1,396 US$ 327 US$ 325 US$ 35 US$ 1,106 US$ 0.39 US$ 0.42 11 33.8x 31.3x 26.7x 24.8x 35.2x 28.5x

Royal Gold, Inc. US:RGLD C$ 107.67 65.1 US$ 5,420 US$ 117 US$ 142 US$ 601 US$ 5,878 US$ 3.54 US$ 4.50 9 23.5x 18.5x 25.5x 20.1x 22.2x 16.2x

Sandstorm Gold Ltd. TSX:SSL C$ 8.46 150.4 US$ 984 US$ 3 US$ 3 US$ 60 US$ 1,041 US$ 0.29 US$ 0.32 8 22.4x 20.6x 23.7x 21.8x 22.3x 21.6x

Silver Wheaton Corp. US:RGLD C$ 39.52 440.2 US$ 13,453 US$ 124 US$ 117 US$ 706 US$ 14,042 US$ 3.54 US$ 4.50 9 8.6x 6.8x 9.0x 7.1x 21.3x 18.4x

Group Average - Royalty Companies 23.2x 19.7x 22.5x 19.0x 24.1x 20.0x

Group Average - Royalty Companies (excluding high/low) 24.2x 20.0x 24.0x 19.8x 23.6x 20.4x





Base Metals Comparables – Consensus Estimates




Large-Cap Base Metals Producers

Anglo American plc LSE:AAL C$ 14.33 1402.2 US$ 15,543 US$ 5,761 US$ 6,290 US$ 14,494 US$ 23,747 US$ 3.72 US$ 3.54 6 3.0x 3.1x 4.5x 4.8x 5.1x 5.0x

Antofagasta plc LSE:ANTO C$ 8.60 985.9 US$ 6,555 US$ 1,732 US$ 1,515 US$ 1,966 US$ 7,007 US$ 0.80 US$ 0.92 9 8.3x 7.2x 8.9x 7.7x 6.2x 5.5x

BHP Billiton Limited ASX:BHP C$ 20.56 5319.8 US$ 84,571 US$ 10,701 US$ 6,745 US$ 32,476 US$ 110,302 US$ 2.13 US$ 2.43 4 7.5x 6.6x 9.8x 8.5x 9.3x 8.3x

First Quantum Minerals Ltd. TSX:FM C$ 11.67 689.3 US$ 6,221 US$ 895 US$ 1,448 US$ 4,746 US$ 9,519 US$ 1.39 US$ 1.47 14 6.5x 6.1x 9.9x 9.4x 9.6x 8.7x

Freeport-McMoRan Inc. NYSE:FCX C$ 15.29 1328.3 US$ 15,700 US$ 352 US$ 6,160 US$ 18,549 US$ 28,089 US$ 3.30 US$ 3.53 6 3.6x 3.4x 6.4x 6.0x 5.3x 4.4x

Glencore Plc LSE:GLEN C$ 3.28 14220.3 US$ 36,081 US$ 2,887 US$ 1,326 US$ 32,556 US$ 67,311 US$ 0.50 US$ 0.48 7 5.1x 5.3x 9.5x 9.8x 8.2x 7.3x

KGHM Polska Miedz Spólka Akcyjna WSE:KGH C$ 26.82 200.0 US$ 4,148 US$ 158 (US$ 94) US$ 1,184 US$ 5,426 US$ 4.37 US$ 4.67 5 4.7x 4.4x 6.2x 5.8x 5.7x 4.9x

Rio T into plc LSE:RIO C$ 40.30 1798.8 US$ 56,053 US$ 8,384 US$ 5,758 US$ 20,490 US$ 70,785 US$ 4.74 US$ 4.92 4 6.6x 6.3x 8.3x 8.0x 6.6x 6.5x

Teck Resources Limited TSX:TCK.B C$ 20.44 576.4 US$ 9,111 US$ 979 US$ 1,916 US$ 6,888 US$ 14,083 US$ 2.33 US$ 2.61 9 6.8x 6.0x 10.5x 9.3x 8.3x 7.4x

Vale S.A. NYSE:VALE C$ 7.31 5153.4 US$ 28,583 US$ 4,435 US$ 6,742 US$ 30,261 US$ 52,103 US$ 1.08 US$ 1.09 4 5.2x 5.2x 9.4x 9.3x 6.6x 6.7x

Group Average - Large-Cap Producers 5.7x 5.4x 8.3x 7.9x 7.1x 6.5x

Group Average - Large-Cap Producers (excluding high/low) 5.7x 5.4x 8.5x 8.0x 7.0x 6.5x

Mid Tier Base Metals Producers

Capstone Mining Corp. TSX:CS C$ 0.85 387.0 US$ 254 US$ 100 US$ 161 US$ 344 US$ 438 US$ 0.28 US$ 0.22 14 2.3x 3.0x 4.0x 5.1x 3.4x 3.9x

Cliffs Natural Resources Inc. NYSE:CLF C$ 8.21 183.9 US$ 1,168 US$ 108 US$ 403 US$ 2,490 US$ 3,254 US$ 2.06 US$ 1.28 1 3.1x 5.0x 8.6x 13.9x 7.8x 7.2x

HudBay Minerals, Inc. TSX:HBM C$ 6.04 236.2 US$ 1,103 US$ 142 US$ 113 US$ 1,293 US$ 2,284 US$ 1.33 US$ 1.31 14 3.5x 3.6x 7.3x 7.4x 5.7x 4.9x

Imperial Metals Corp. TSX:III C$ 7.07 81.8 US$ 447 US$ 3 (US$ 32) US$ 630 US$ 1,109 US$ 1.22 US$ 1.44 3 4.5x 3.8x 11.1x 9.4x 7.8x 6.6x

KAZ Minerals plc LSE:KAZ C$ 2.74 446.5 US$ 947 US$ 1,251 US$ 870 US$ 3,201 US$ 3,278 US$ 0.16 US$ 0.60 4 13.2x 3.5x 45.8x 12.2x 12.7x 6.5x

Lundin Mining Corporation TSX:LUN C$ 5.55 719.9 US$ 3,090 US$ 658 US$ 720 US$ 981 US$ 3,350 US$ 0.58 US$ 0.68 16 7.4x 6.3x 8.0x 6.8x 6.2x 5.4x

MMG Limited HKSE:1208 C$ 0.34 5290.1 US$ 1,378 US$ 613 US$ 790 US$ 9,986 US$ 10,574 US$ 0.06 US$ 0.14 1 4.3x 1.9x 33.3x 14.3x 16.3x 6.0x

Nevsun Resources Ltd. TSX:NSU C$ 4.29 299.7 US$ 994 US$ 240 US$ 238 - US$ 756 US$ 0.32 US$ 0.27 6 10.4x 12.2x 7.9x 9.2x 6.1x 7.6x

Nyrstar NV ENXTBR:NYR C$ 10.55 93.6 US$ 764 US$ 146 (US$ 316) US$ 517 US$ 1,596 US$ 2.06 US$ 2.83 4 4.0x 2.9x 8.3x 6.0x 5.6x 4.2x

OZ Minerals Limited ASX:OZL C$ 6.95 302.1 US$ 1,624 US$ 420 US$ 569 - US$ 1,054 US$ 0.81 US$ 0.85 5 6.7x 6.3x 4.3x 4.1x 3.6x 3.6x

Sherritt International Corporation TSX:S C$ 0.84 293.9 US$ 191 US$ 241 US$ 419 US$ 1,623 US$ 1,395 (US$ 0.20) US$ 0.14 4 - 4.7x - 34.1x 19.7x 8.4x

Turquoise Hill Resources Ltd. TSX:TRQ C$ 4.04 2012.3 US$ 6,287 US$ 1,478 US$ 2,176 US$ 4,091 US$ 8,202 US$ 0.10 (US$ 0.11) 4 32.9x - 42.9x - 27.9x -

Vedanta Resources plc LSE:VED C$ 9.07 276.8 US$ 1,940 US$ 8,908 US$ 1,289 US$ 11,950 US$ 12,601 US$ 7.94 US$ 9.28 2 0.9x 0.8x 5.7x 4.9x 5.4x 4.5x

Western Areas Limited ASX:WSA C$ 2.90 270.9 US$ 608 US$ 22 US$ 10 - US$ 598 US$ 0.17 US$ 0.29 3 12.9x 7.8x 12.7x 7.7x 21.5x 8.4x

Group Average - Mid Tier Producers 8.2x 4.7x 15.4x 10.4x 10.7x 5.9x

Group Average - Mid Tier Producers (excluding high/low) 6.1x 4.1x 12.8x 8.4x 9.9x 5.7x

Small Cap Base Metals Producers

Amerigo Resources Ltd. TSX:ARG C$ 0.17 174.7 US$ 23 US$ 9 (US$ 4) US$ 60 US$ 87 US$ 0.08 US$ 0.08 1 1.6x 1.6x 6.2x 6.2x - -

Copper Mountain Mining Corporation TSX:CUM C$ 0.51 118.8 US$ 47 US$ 4 (US$ 13) US$ 254 US$ 314 US$ 0.25 US$ 0.32 5 1.6x 1.2x 10.7x 8.1x 10.1x 7.3x

Taseko Mines Ltd. TSX:TKO C$ 0.68 221.8 US$ 117 US$ 70 US$ 67 US$ 266 US$ 315 US$ 0.02 US$ 0.21 8 25.9x 2.5x 69.9x 6.9x 399.7x 5.2x

Thompson Creek Metals Company Inc. TSX:TCM C$ 0.76 222.8 US$ 131 US$ 120 US$ 130 US$ 824 US$ 826 US$ 0.10 US$ 0.31 2 6.2x 1.9x 39.0x 11.8x 7.3x 5.1x

Trevali Mining Corporation TSX:TV C$ 0.91 378.8 US$ 284 US$ 17 US$ 16 US$ 60 US$ 328 US$ 0.10 US$ 0.20 3 7.4x 3.5x 9.1x 4.3x 7.5x 3.5x

Group Average - Small Cap Producers 8.5x 2.2x 27.0x 7.5x 106.2x 5.3x

Group Average - Small Cap Producers (excluding high/low) 5.1x 2.0x 19.6x 7.1x 8.3x 4.6x





Iron Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

Diversified Mining Houses

VALE SA (VALE3-BZ) R$ 18.97 R$ 18.81 (0.8)% 1.39 3,217 R$ 92,694 6.8 1.0% 10.0% R$ 112,667 R$ 188,211 3.84 3.42 4.23 4.9x 5.5x 4.5x 13.6x 28.3x 11.2x 7.2x 7.2x 5.8x

BHP BILLITON (BHP-AU) A$ 20.03 A$ 20.48 2.3% 1.52 3,212 A$ 101,051 12.6 1.8% 10.0% A$ 31,170 A$ 108,553 2.39 2.74 3.05 8.4x 7.3x 6.6x 34.2x 23.4x 9.2x 8.2x 7.3x

RIO TINTO (RIO-AU) A$ 49.52 A$ 51.77 4.6% 1.15 424 A$ 79,598 2.7 3.0% 7.3% A$ 23,063 A$ 80,304 5.95 5.84 6.51 8.3x 8.5x 7.6x 20.7x 20.5x 16.8x 7.5x 7.6x 6.9x

Group Average - Diversifed Mining Avg. -> 7.2x 7.1x 6.2x 17.2x 27.6x 17.2x 8.0x 7.6x 6.7x

Producers

KUMBA IRON (KIO-SJE) ZAR 14,233 ZAR 9,719 (31.7)% 1.79 322 ZAR 45,842 0.8 1.8% 10.1% ZAR 8,205 ZAR 52,048 3320 2352 1946 4.3x 6.1x 7.3x 8.7x 18.0x 19.4x 4.1x 6.2x 6.8x

FORTESCUE METALS (FMG-AU) A$ 4.56 A$ 3.69 (19.1)% 1.60 3,114 A$ 14,199 23.8 3.9% 6.2% A$ 9,569 A$ 16,961 0.93 0.71 0.75 4.9x 6.4x 6.1x 12.7x 17.1x 23.9x 5.7x 6.5x 7.2x

CLIFFS NATURAL (CLF-US) US$ 8.11 US$ 6.33 (21.9)% 1.53 184 US$ 1,491 13.0 30.4% 5.8% US$ 2,774 US$ 4,091 2.06 1.62 1.54 3.9x 5.0x 5.3x 15.8x 16.7x 46.9x 10.3x 9.5x 10.2x

MMX MINERACAO (MMXM3-BRZ) R$ 5.32 0.54 6 R$ 35 0.0 1.4% 15.1% R$ 151 R$ 174

FERREXPO PLC (FXPO-LSE) GBp 59 GBp 46.25 (20.9)% 1.21 589 GBp 344 0.8 2.0% 3.5% GBp 904 GBp 1,202 24.74 18.00 13.79 2.4x 3.3x 4.2x 3.3x 4.2x 6.0x 4.4x 5.8x 6.4x

MOUNT GIBSON (MGX-AU) A$ 0.29 A$ 0.30 4.6% 0.70 1,092 A$ 317 3.2 0.3% 7.2% A$ 3 A$ 262 0.10 0.00 (0.02) 3.0x 10.4x 36.3x

GRANGE RESOURCES (GRR-AU) A$ 0.12 A$ 0.07 (41.7)% 0.94 1,157 A$ 139 0.9 0.3% 8.3% A$ 12 A$ 57 12.0x 10.0x

BC IRON (BCI-AU) A$ 0.16 A$ 0.07 (54.8)% 1.86 196 A$ 30 0.5 0.6% 12.6% A$ 6 A$(6) 17.2x 19.4x

Group Average - Producers Avg. -> 3.7x 5.2x 5.7x 10.5x 17.0x 24.0x 6.1x 7.0x 7.6x

Advanced Development / Exploration (Select Group)

SUNDANCE RESOURCES (SDL-AU) A$ 0.00 0.79 6,241 A$ 18.7 9.7 0.5% 4.2% A$ 85 A$ 78

NEW MILLENNIUM (NML-T) C$ 0.10 1.03 181 C$ 18.1 0.3 1.5% 13.5% C$ 0 C$ 3

ALDERON IRON (ADV-T) C$ 0.12 1.71 132 C$ 15.9 0.1 0.2% 12.1% C$ 21 C$ 70

ZANAGA IRON (ZIOC-LSE) GBp 3 0.16 279 GBp 9.3 0.2 0.1% 3.0% GBp 0 GBp 5

CENTURY GLOBAL (CNT-T) C$ 0.22 99 C$ 21.7 0.0 0.0% 13.2% C$ 0 C$ 7

CHAMPION IRON (CIA-T) C$ 0.24 1.14 386 C$ 90.7 0.2 0.1% 12.6% C$ 0 C$ 89

ADRIANA RESOURCES (ADI-V) C$ 0.12 1.17 158 C$ 18.9 0.1 0.0% 15.2% C$ 0 C$(10)

BLACK IRON (BKI-T) C$ 0.05 (0.22) 160 C$ 7.2 0.1 0.2% -1.6% C$ 0 C$(2)

OCEANIC IRON (FEO-T) C$ 0.18 (0.39) 42 C$ 7.4 0.0 0.2% -1.9% C$ 0 C$ 8

MACARTHUR MINERALS (MMS-T) C$ 0.07 0.66 104 C$ 7.3 1.7 3.6% 7.2% C$ 0 C$ 7

Group Average - Developers / Explorers Avg. ->

All data sourced from Bloomberg

EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Uranium Comparables – Consensus Estimates

Bloomberg Shares Market Daily Enterprise

Company (T icker)

Share

Price

Consensus

Target

Implied

Return β

Outst.

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity

Value

(millions)

Resource

(M lb)

USD

EV/lb

Resource 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

CAMECO CORP (CCO-T) C$ 12.54 C$ 16.76 33.6% 1.06 396 C$ 4,963 1.68 4.2% C$ 6,560 996.1 $5.00 1.04 1.57 2.05 12.1x 8.0x 6.1x 0.85 0.86 1.28 14.8x 14.6x 9.8x

PALADIN ENERGY (PDN-AU) A$ 0.18 A$ 0.25 39.5% 0.91 1,713 A$ 308 0.43 0.1% A$ 583 510.5 $0.87 0.00 0.01 0.03 60.0x 22.5x 6.9x (0.02) (0.01) 0.01 25.7x

ENERGY RESOURCES (ERA-AU) C$ 0.35 C$ 0.10 (71)% 0.57 518 C$ 179 0.32 0.0% C$ -187 473.0 ($0.30) 0.07 0.00 0.03 86.3x 10.5x (0.12) (0.12) (0.08)

ENERGY FUELS (EFR-T) C$ 2.90 C$ 7.46 157.1% 1.38 58 C$ 167 0.10 0.6% C$ 147 152.0 $0.74 (0.52) (0.43) (0.71)

UR-ENERGY INC (URE-T) C$ 0.73 C$ 2.49 241.7% 0.79 143 C$ 105 0.08 0.2% C$ 103 29.9 $2.60 0.03 0.01 0.07 29.2x 91.3x 11.2x (0.02) 0.02 0.03 36.5x 29.2x

Group Average - Producers $1.71 33.8x 61.3x 8.6x 14.8x 25.5x 21.6x

DEEP YELLOW (DYL-AU) A$ 0.00 0.34 2,144 A$ 10 2.94 0.6% A$ 7 106.0 $0.05

DENISON MINES (DML-T) US$ 0.67 US$ 1.36 102.5% 1.28 534 US$ 357 0.72 0.7% US$ 258 204.3 $0.96 (0.03) (0.01) 0.02 33.5x (0.03) (0.02) (0.01)

FORSYS METALS (FSY-T) C$ 0.07 -0.05 135 C$ 9 0.19 0.3% C$ 8 125.0 $0.05

UR-ENERGY INC (URE-T) C$ 0.73 C$ 2.49 241.7%

MEGA URANIUM (MGA-T) C$ 0.14 1.39 282 C$ 39 0.49 1.4% C$ 38 43.1 $0.66

LARAMIDE RESOURCES (LAM-T) C$ 0.25 C$ 0.81 94 C$ 23 0.08 0.5% C$ 23 62.3 $0.28

BANNERMAN RESOURCES (BMN-AU) A$ 0.03 0.63 710 A$ 18 0.22 0.0% A$ 14 169.6 $0.06

PLATEAU URANIUM (PLU-V) C$ 0.26 1.21 52 C$ 13 0.08 1.0% C$ 10 124.0 $0.06

TORO ENERGY (TOE-AU) A$ 0.05 A$ 0.09 87.5% 0.35 2,005 A$ 96 0.71 0.1% A$ 94 96.0 $0.75

ALLIANCE RESOURCES (AGS-AU) A$ 0.04 0.55 417 A$ 18 1.54 1.0% A$ -7 17.8 ($0.31)

PENINSULA ENERGY (PEN-AU) C$ 0.66 C$ 1.42 115.9% 0.98 177 C$ 117 0.12 0.7% C$ 119 110.6 $0.82 (0.12) 0.07 0.11 9.3x (0.04) 0.04 0.10 18.9x 6.5x

WESTERN URANIUM (WUC-CNSX) C$ 2.40 C$ 17 C$ 40 0.01 0.2% C$ 43 98.1 $0.44

Group Average - Developers $0.35 9.3x 33.5x 18.9x

FISSION URANIUM (FCU-T) C$ 0.69 C$ 1.97 184.8% 1.08 484 C$ 334 1.09 0.8% C$ 257 108.3 $1.80 (0.02) (0.01) (0.02) (0.02) (0.03)

FISSION 3.0 (FUU-V) C$ 0.07 1.15 178 C$ 12 0.16 0.4% C$ 10

NEXGEN ENERGY (NXE-T) C$ 2.35 C$ 4.02 71.1% 0.9 303 C$ 713 1.24 0.8% C$ 679 201.9 $2.55 (0.03) (0.02) (0.01) (0.04) (0.03) (0.03)

KIVALLIQ ENERGY (KIV-V) C$ 0.09 C$ 0.15 76.5% 0.91 221 C$ 19 0.26 2.6% C$ 18 20.0 $0.35

AZINCOURT URANIUM (AAZ-V) C$ 0.07 0.20 10 C$ 1 0.01 0.2% C$ 1

URACAN RESOURCES (URC-V) C$ 0.08 0.41 104 C$ 8 0.10 0.1% C$ 8 44.0 $0.14

INVENTORY FUNDS

URANIUM PARTICIPATION (U-T) C$ 4.06 C$ 5.38 32.5% 0.57 116 C$ 470 0.30 0.6% C$ 461 (0.04) (0.03) - (0.03) (0.03)


PR

OD

UC

ER

SD

EV

ELO

PE

RS

EX

PLO

RE

RS

P/EPSCFPS (LoC) P/CFPS EPS (LoC)



Coal Comparables – Consensus Estimates

Large Cap USA Bloomberg Shares Market Daily Enterprise

Company (T icker) Share Price

Consensus

Target

Implied

Return β

Outstanding

(millions)

Capitalization

(millions)

Volume

(millions)

Weekly

Liquidity WACC

Debt

(millions)

Value

(millions) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017

Large Cap USA

CONSOL ENERGY (CNX-US) US$ 19.05 US$ 20.42 7.2% 1.66 229 US$ 4,371 5.3 7.9% 8.7% US$ 3,707 US$ 7,644 1.71 2.50 3.84 11.1x 7.6x 5.0x 33.2x 11.5x 9.5x 7.4x

FORESIGHT ENERGY (FELP-US) US$ 2.94 US$ 1.50 (49.0)% 1.67 66 US$ 385 0.1 3.5% 2.7% US$ 1,644 US$ 1,772 7.5x 7.6x 10.0x

CORSA COAL (CSO-V) C$ 0.06 1.18 1,721 C$ 95 0.1 0.0% 10.2% C$ 40 C$ 130

WESTMORELAND COAL (WLB-US) C$ 8.61 C$ 9.50 10.3% 1.46 19 C$ 160 0.2 7.4% 3.9% C$ 1,046 C$ 1,261 3.82 3.76 2.3x 2.3x 4.9x 40.0x 5.1x 5.2x 5.0x

WALTER ENERGY (WLT-US) US$ 0.05 (0.02) 81 US$ 4 0.2 0.8% 1.4% US$ 3,136 US$- 178

CLOUD PEAK (CLD-US) US$ 3.49 US$ 2.47 (29.2)% 1.88 61 US$ 214 1.2 27.5% 4.9% US$ 493 US$ 650 0.26 (0.67) 0.41 13.4x 8.6x 8.8x 12.4x 10.7x

Group Average - Large Cap USA Avg. -> 8.9x 5.0x 6.8x 4.9x 36.6x 8.2x 8.7x 8.3x

Limitied Partnerships

ALLIANCE RESOURCE (ARLP-US) US$ 19.26 US$ 20.00 3.8% 1.14 74 US$ 1,432 0.3 2.4% 6.2% US$ 919 US$ 2,344 7.9x 14.8x 16.7x 3.9x 4.6x 4.5x

NATURAL RESOURCE (NRP-US) US$ 27.47 US$ 24.00 (12.6)% 1.22 12 US$ 336 0.1 5.3% 3.2% US$ 1,385 US$ 1,602 14.18 15.49 18.32 1.9x 1.8x 1.5x 6.3x 4.6x 3.4x 7.2x 7.5x 5.6x

Group Average - Limited Partnerships Avg. -> 7.1x 9.7x 10.1x 5.6x 6.0x 5.1x

Large Cap Non-North America

NEW HOPE (NHC-AU) A$ 1.56 A$ 1.35 (13.5)% 0.80 831 A$ 1,296 0.2 0.1% 8.0% A$ 0 A$ 278 0.09 0.15 0.16 16.6x 10.5x 9.5x 39.0x 29.4x 31.2x 3.2x 2.1x 1.8x

WHITEHAVEN COAL (WHC-AU) A$ 1.86 A$ 1.45 (22.0)% 2.01 1,026 A$ 1,903 6.2 3.1% 8.1% A$ 1,038 A$ 2,829 0.12 0.23 0.28 15.5x 8.2x 6.6x 142.7x 29.9x 19.1x 13.4x 9.9x 8.2x

BANPU PUBLIC (BANPU-SET) ฿ 16.50 ฿ 14.37 (12.9)% 1.41 3,873 ฿ 63,901 84.8 11.9% 3.8% ฿ 120,580 ฿ 189,426 1.54 3.34 2.29 10.7x 4.9x 7.2x 33.1x 22.4x 23.6x 16.3x 15.4x 15.9x

CHINA COAL (1898-HK) HK$ 3.98 HK$ 3.88 (2.6)% 1.32 4,107 HK$ 76,935 14.8 1.3% 5.6% HK$ 113,026 HK$ 167,767 0.31 0.60 0.66 10.9x 5.7x 5.2x 110.2x 20.3x 16.7x 14.4x

CHINA SHENHUA (1088-HK) HK$ 14.68 HK$ 14.35 (2.3)% 1.23 3,399 HK$ 335,909 21.0 2.1% 7.1% HK$ 109,271 HK$ 405,954 2.42 2.58 2.54 5.2x 4.9x 5.0x 14.9x 14.5x 14.0x 6.9x 6.8x 6.6x

COAL OF (CZA-AU) A$ 0.05 A$ 0.08 54.6% (0.43) 1,927 A$ 102 0.0 0.0% -0.9% A$ 0 A$ 58

NINE ENTERTAINMENT (NEC-AU) A$ 0.99 A$ 1.37 39.1% 1.04 871 A$ 858 3.8 8.9% 9.9% A$ 576 A$ 806 0.15 0.15 0.16 6.6x 6.4x 6.4x 7.8x 7.0x 7.1x 4.2x 4.0x 4.2x

YANZHOU COAL (1171-HK) HK$ 4.86 HK$ 4.30 (11.5)% 1.49 1,958 HK$ 49,539 12.2 2.5% 5.2% HK$ 69,480 HK$ 90,629 0.67 1.00 1.06 6.2x 4.2x 3.9x 139.0x 38.3x 18.1x 15.0x 13.1x

Group Average - Large Cap Non-North-America Avg. -> 10.3x 6.4x 6.3x 47.5x 40.4x 34.8x 11.0x 10.0x 9.2x

Developer/Explorers

EAST ENERGY (EER-AU) A$ 0.00 356 A$ 1.4 0.0 0.0% 3.1% A$ 21 A$ 23

FORTUNE MINERALS (FT -T) C$ 0.10 0.67 256 C$ 25.6 0.4 0.4% 6.8% C$ 4 C$ 30

JAMESON RESOURCES (JAL-AU) A$ 0.03 0.71 209 A$ 5.8 0.1 0.0% 5.5% A$ 0 A$ 6

Group Average - Developers / Explorers Avg. ->

Sundry Companies

ADARO ENERGY (ADRO-JKSE) ¥ 1,145 ¥ 1,035 (9.6)% 1.85 31,986 ¥ 36,623,926 68.3 1.3% 8.0% ¥ 1,567 ¥ 4,087 0.01 0.01 0.01 6.7x 6.7x 6.7x 17.4x 17.4x 14.5x 7.0x 6.7x 6.4x

BUMI RESOURCES (BUMI-JKSE) ¥#N/A N/A 1.10 36,627 ¥ 2,490,637 246.0 0.0% 13.2% ¥ 4,276 ¥ 4,134 0.06 0.06 0.08 0.1x 0.1x 0.1x 0.2x 0.1x 0.1x 35.6x 23.5x 20.3x

NLC INDIA (NEYVELILIG-NSEI) रू 75.20 रू 110.00 46.3% 0.77 1,678 रू 126,164 0.2 0.0% 8.9% रू 70,501 रू 166,869

SOUTHGOBI RESOURCES (SGQ-T) C$ 0.27 0.45 258 C$ 68 0.0 0.0% 2.9% C$ 109 C$ 162

TAMBANG BATUBARA (PTBA-JKSE) ¥ 10,350 ¥ 10,581 2.2% 1.41 2,304 ¥ 23,847,765 4.6 1.1% 9.6% ¥ 2,022,057 ¥ 23,196,801 686.48 796.08 883.52 15.1x 13.0x 11.7x 13.1x 11.3x 11.3x 9.4x 7.9x 8.2x

Group Average - Sundry Companies Avg. -> 7.3x 6.6x 6.2x 10.2x 9.6x 8.6x 17.3x 12.7x 11.6x


EV/EBITDAP/EPSCFPS (LoC) P/CFPS



Senior/Intermediate Gold Producers – EV/oz Comparables

Reserves

Agnico Eagle Mines Limited NYSE:AEM US $13,064 US $781 US $13,718 52.9 1.94 58.3 2.14 91% 19.1 2.37 20.4 2.53 93% US $719 33.8 1.77 37.9 1.98 89% 54% US $259 US $235

AngloGold Ashanti Ltd. JSE:ANG US $9,030 US $643 US $11,660 209.1 1.23 232.2 1.37 90% 52.6 0.81 56.2 0.87 94% US $222 156.8 1.57 176.2 1.77 89% 32% US $56 US $50

B2Gold Corp. TSX:BTO US $3,262 US $106 US $3,631 23.9 0.77 28.5 0.92 84% 7.5 1.38 7.5 1.38 100% US $487 16.5 0.64 21.0 0.82 78% 49% US $152 US $128

Barrick Gold Corporation TSX:ABX US $25,405 US $3,152 US $34,315 199.1 0.80 295.2 1.19 67% 102.3 1.13 135.5 1.50 76% US $335 96.8 0.61 159.8 1.01 61% 33% US $172 US $116

Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $3,970 US $222 US $4,677 20.0 0.19 72.9 0.70 27% 3.6 0.11 19.9 0.61 18% US $1,308 16.3 0.23 52.8 0.74 31% 35% US $234 US $64

Detour Gold Corporation TSX:DGC US $4,557 US $174 US $4,806 21.4 0.98 21.4 0.98 100% 16.4 0.99 16.4 0.99 100% US $293 5.0 0.96 5.0 0.96 100% 22% US $225 US $225

Eldorado Gold Corporation TSX:ELD US $3,015 US $1,178 US $3,633 43.1 0.86 55.6 1.10 77% 23.4 1.21 29.9 1.54 78% US $155 19.6 0.63 25.7 0.83 76% 60% US $84 US $65

Gold Fields Ltd. JSE:GFI US $5,289 US $344 US $7,003 108.0 2.13 123.2 2.43 88% 46.3 2.93 47.2 2.99 98% US $151 61.7 1.77 76.1 2.18 81% 44% US $65 US $57

Goldcorp Inc. TSX:G US $16,141 US $504 US $18,859 106.7 0.71 168.8 1.13 63% 42.9 0.72 77.8 1.30 55% US $440 63.8 0.71 91.0 1.01 70% 36% US $177 US $112

Harmony Gold Mining Company Limited JSE:HAR US $1,956 US $65 US $2,143 88.6 1.18 111.0 1.47 80% 29.2 0.81 38.1 1.06 77% US $73 59.4 1.52 72.2 1.84 82% 39% US $24 US $19

IAMGOLD Corp. TSX:IMG US $2,041 US $759 US $2,159 33.4 1.22 33.4 1.22 100% 8.8 1.39 8.8 1.39 100% US $245 24.6 1.17 24.6 1.17 100% 33% US $65 US $65

Kinross Gold Corporation TSX:K US $6,497 US $1,487 US $7,510 66.8 0.70 72.4 0.76 92% 33.2 0.71 36.2 0.77 92% US $226 33.6 0.70 36.2 0.75 93% 14% US $112 US $104

New Gold, Inc. TSX:NGD US $2,935 US $322 US $3,506 23.5 0.76 29.8 0.96 79% 15.0 0.78 18.1 0.94 83% US $234 8.5 0.72 11.7 0.99 73% 22% US $149 US $118

Newmont Mining Corporation NYSE:NEM US $23,967 US $3,934 US $29,550 123.8 0.63 161.4 0.82 77% 73.8 0.76 84.9 0.88 87% US $400 49.9 0.49 76.5 0.75 65% 33% US $239 US $183

Randgold Resources Limited LSE:RRS US $10,360 US $464 US $10,324 28.2 3.30 28.2 3.30 100% 14.9 3.69 14.9 3.69 100% US $693 13.3 2.95 13.3 2.95 100% 51% US $366 US $366

Tahoe Resources Inc. TSX:THO US $5,103 US $156 US $5,018 19.8 0.69 31.7 1.10 63% 4.9 0.52 11.8 1.25 42% US $1,028 15.0 0.77 19.9 1.02 75% 57% US $253 US $158

Yamana Gold, Inc. TSX:YRI US $5,393 US $73 US $6,994 69.4 0.59 115.5 0.98 60% 24.1 0.44 50.5 0.93 48% US $291 45.4 0.72 65.0 1.02 70% 41% US $101 US $61

Group Average - Total # Companies: 17 US $429 US $161 US $125

Equivalency assumptions (US$ / 03-24-16): $1,351/oz Au, $20.36/oz Ag, $1,149/oz Pt, $710/oz Pd, $2.23/lb Cu, $1.02/lb Zn, $0.82/lb Pb, $4.80/lb Ni, $6.65/lb Mo, $11.91/lb Co, $7,100/t Sb, $26.88/lb U3O8, $0.20/lb Sn, $93.00/t HCC, $56.61/t 62% Fe

Source: SNL Financial retrieved on August 12, 2016

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global Reserves & Resources Reserves Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au

% Au

Inferred

Enterprise

Value

(millions)

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Reserves

Alamos Gold, Inc. TSX:AGI US $2,412 US $369 US $2,444 21.5 1.19 22.2 1.23 97% 5.9 1.67 5.9 1.67 100% US $416 15.6 1.08 16.3 1.12 96% 30% US $114 US $110

Argonaut Gold Inc. TSX:AR US $439 US $104 US $387 9.3 0.67 9.9 0.72 94% 3.3 0.82 3.3 0.82 100% US $116 6.0 0.61 6.6 0.67 91% 23% US $41 US $39

Centamin Plc LSE:CEY US $2,593 US $431 US $2,319 10.2 1.19 10.2 1.19 100% 4.4 1.08 4.4 1.08 100% US $527 5.8 1.28 5.8 1.28 100% 31% US $228 US $228

China Gold International Resources Corp Ltd TSX:CGG US $745 US $32 US $1,684 12.2 0.18 53.8 0.78 23% 5.4 0.29 20.3 1.11 26% US $314 6.9 0.13 33.4 0.66 21% 51% US $138 US $31

Evolution Mining Limited ASX:EVN US $3,025 US $27 US $3,374 17.1 1.38 17.7 1.43 97% 7.7 1.31 7.8 1.32 99% US $438 9.1 1.47 9.5 1.54 96% 50% US $197 US $191

G-Resources Group Limited SEHK:1051 US $471 US $263 US $339 - - - - - - - - - - - - - - - - - - -

Pendragon PLC LSE:PDG US $598 US ($117) US $658 31.3 0.99 34.8 1.10 90% 13.7 1.00 14.1 1.03 97% US $48 17.6 0.98 20.8 1.16 85% 41% US $21 US $19

Northern Star Resources Limited ASX:NST US $2,211 US $122 US $2,064 11.2 3.24 23.3 6.74 48% 2.1 4.61 2.1 4.61 100% US $1,001 9.1 3.06 21.2 7.12 43% 52% US $185 US $89

OceanaGold Corporation TSX:OGC US $2,296 US $51 US $2,421 15.8 1.53 16.9 1.63 93% 5.3 1.47 6.0 1.66 89% US $454 10.4 1.55 10.9 1.62 96% 40% US $154 US $144

Primero Mining Corp. TSX:P US $335 US $15 US $398 6.8 0.84 10.8 1.33 63% 1.8 1.38 2.9 2.29 60% US $227 5.0 0.73 7.9 1.16 64% 27% US $59 US $37

Regis Resources Limited ASX:RRL US $1,595 US $58 US $1,553 8.6 0.96 8.6 0.96 100% 2.1 1.09 2.1 1.09 100% US $731 6.4 0.93 6.4 0.93 100% 25% US $182 US $182

Resolute Mining Limited ASX:RSG US $963 US $70 US $962 12.1 1.53 12.1 1.53 100% 5.0 1.68 5.0 1.68 100% US $192 7.1 1.44 7.1 1.44 100% 38% US $80 US $80

SEMAFO Inc. TSX:SMF US $1,655 US $268 US $1,485 7.6 2.80 7.6 2.80 100% 3.0 3.29 3.0 3.29 100% US $499 4.6 2.56 4.6 2.56 100% 42% US $195 US $195




% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au

% Au

Inferred

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)



Junior Gold Producers – EV/oz Comparables

Reserves

Alacer Gold Corp. TSX:ASR US $747 US $352 US $568 7.1 0.38 13.5 0.72 52% 3.4 2.25 3.5 2.38 95% US $169 3.7 0.21 9.9 0.58 37% 53% US $81 US $42

Asanko Gold Inc. TSX:AKG US $867 US $11 US $951 9.4 1.68 9.4 1.68 100% 4.7 1.68 4.7 1.68 100% US $202 4.7 1.68 4.7 1.68 100% 48% US $101 US $101

Aureus Mining Inc. TSX:AUE US $56 US ($33) US $178 2.5 2.48 2.5 2.48 100% 0.8 3.38 0.8 3.38 100% US $215 1.7 2.19 1.7 2.19 100% 68% US $70 US $70

Beadell Resources Ltd ASX:BDR US $381 US $1 US $438 3.5 - 12.3 - 29% 1.5 - 1.5 - 100% US $297 2.1 - 10.8 - 19% 68% US $124 US $36

Azumah Resources Ltd ASX:AZM US $26 US ($0) US $26 1.8 1.51 1.8 1.51 100% 0.6 2.14 0.6 2.14 100% US $46 1.2 1.33 1.2 1.33 100% 49% US $14 US $14

Banro Corporation TSX:BAA US $122 US ($12) US $407 12.1 1.60 12.1 1.60 100% 3.2 2.03 3.2 2.03 100% US $128 8.9 1.49 8.9 1.49 100% 57% US $34 US $34

Dundee Precious Metals Inc. TSX:DPM US $423 US $38 US $539 9.2 0.38 16.2 0.66 57% 3.0 3.36 3.8 4.28 79% US $180 6.2 0.26 12.3 0.53 50% 65% US $59 US $33

Endeavour Mining Corporation TSX:EDV US $1,632 US $69 US $1,753 14.9 1.60 14.9 1.60 100% 5.4 1.77 5.4 1.77 100% US $326 9.5 1.51 9.5 1.51 100% 46% US $117 US $117

Golden Star Resources, Ltd. TSX:GSC US $216 US ($119) US $269 8.6 2.96 8.6 2.96 100% 1.9 2.77 1.9 2.77 100% US $143 6.7 3.02 6.7 3.02 100% 46% US $31 US $31

Goldgroup Mining Inc. TSX:GGA US $46 US ($3) US $50 0.5 0.76 0.8 1.34 57% - - - - - - 0.5 0.76 0.8 1.34 57% 41% US $107 US $61

Guyana Goldfields Inc. TSX:GUY US $1,218 US $13 US $1,336 8.9 2.95 8.9 2.95 100% 3.0 2.94 3.0 2.94 100% US $439 5.9 2.95 5.9 2.95 100% 36% US $150 US $150

Kirkland Lake Gold Inc. TSX:KGI US $1,061 US $67 US $1,039 10.7 5.22 10.7 5.22 100% 2.3 9.51 2.3 9.51 100% US $453 8.4 4.65 8.4 4.65 100% 41% US $97 US $97

Klondex Mines Ltd. TSX:KDX US $737 US $29 US $734 3.3 8.89 3.5 9.49 94% 0.8 9.08 - - - US $872 2.4 8.83 - - - 72% US $226 US $211

Mandalay Resources Corp. TSX:MND US $401 US $22 US $414 1.8 0.86 4.0 1.94 44% 0.7 2.30 1.0 3.35 69% US $587 1.0 0.61 2.9 1.69 36% 21% US $236 US $105

Metanor Resources Inc. TSXV:MTO US $32 US $1 US $37 2.1 1.45 2.1 1.45 100% 0.2 7.37 0.2 7.37 100% US $185 1.9 1.34 1.9 1.34 100% 83% US $18 US $18

Newmarket Gold Inc. TSX:NMI US $563 US $56 US $496 0.9 2.16 0.9 2.16 100% 0.1 3.58 0.1 3.58 100% US $4,959 0.8 2.00 0.8 2.00 100% 19% US $144 US $144

Orosur Mining Inc. TSX:OMI US $26 US $7 US $24 1.7 0.71 2.3 0.98 73% 0.1 2.26 0.1 2.26 100% US $170 1.1 0.53 1.7 0.85 63% 7% US $15 US $11

Orvana Minerals Corp. TSX:ORV US $35 US $18 US $26 3.5 2.50 4.1 2.93 85% 0.3 2.82 0.4 3.64 77% US $77 3.2 2.47 3.7 2.87 86% 48% US $7 US $6

Perseus Mining Limited TSX:PRU US $443 US $81 US $399 17.2 1.28 17.2 1.28 100% 6.5 1.49 6.5 1.49 100% US $61 10.7 1.18 10.7 1.18 100% 43% US $23 US $23

Richmont Mines Inc. TSX:RIC US $632 US $63 US $566 4.7 3.59 4.7 3.60 100% 0.6 8.05 0.6 8.05 100% US $905 4.1 3.30 4.1 3.32 100% 59% US $121 US $120

Roxgold Inc. TSXV:ROG US $479 US $17 US $499 1.2 13.55 1.2 13.55 100% 0.7 11.83 0.7 11.83 100% US $730 0.5 16.96 0.5 16.96 100% 91% US $424 US $424

Rubicon Minerals Corporation TSX:RMX US $18 US ($132) US $68 0.4 6.39 0.4 6.39 100% - - - - - - 0.4 6.39 0.4 6.39 100% 74% US $164 US $164

Shanta Gold Ltd. AIM:SHG US $70 US $29 US $104 3.0 3.16 3.0 3.16 100% 0.8 4.15 0.8 4.15 100% US $124 2.1 2.91 2.1 2.91 100% 61% US $35 US $35

Teranga Gold Corporation TSX:TGZ US $394 US $23 US $362 4.8 1.66 4.8 1.66 100% 2.4 1.38 2.4 1.38 100% US $153 2.5 2.08 2.5 2.08 100% 34% US $75 US $75

Timmins Gold Corp. TSX:TMM US $178 US $14 US $166 2.9 1.03 3.0 1.07 96% 0.4 0.52 0.4 0.52 100% US $382 2.4 1.25 2.5 1.31 95% 4% US $58 US $56

Torex Gold Resources Inc TSX:TXG US $1,954 US $82 US $2,283 8.5 2.48 11.2 3.25 76% 3.6 2.62 3.7 2.68 98% US $629 4.9 2.39 7.5 3.63 66% 88% US $268 US $204

Wesdome Gold Mines Ltd. TSX:WDO US $158 US $13 US $146 6.4 1.43 6.4 1.43 100% 0.4 4.63 0.4 4.63 100% US $340 6.0 1.36 6.0 1.36 100% 59% US $23 US $23




% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Haywood Mining [email protected]

Page 25

Gold Development-Stage Companies (Engineering Study Complete) – EV/oz Comparables

Company Reserves

African Gold Group Inc. TSXV:AGG US $20 US ($1) US $20 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% 1.5 0.96 1.5 0.96 100% 59% US $10 US $10

Almaden Minerals Ltd. TSX:AMM US $140 US $6 US $134 2.0 0.54 3.7 1.01 54% - - - - - 2.0 0.54 3.7 1.01 54% 18% US $67 US $36

Amarillo Gold Corp. TSXV:AGC US $30 US ($1) US $36 2.0 1.30 2.0 1.30 100% - - - - - 2.0 1.30 - - - 29% US $18 US $18

ATAC Resources Ltd. TSXV:ATC US $77 US $13 US $64 0.7 2.35 0.7 2.39 98% - - - - - 0.7 2.35 0.7 2.39 98% 28% US $95 US $93

Barkerville Gold Mines Ltd. TSXV:BGM US $155 US $28 US $122 5.0 2.43 5.1 2.44 99% 0.0 4.82 - - - 5.0 2.42 - - - 41% US $24 US $24

Chaarat Gold Holdings Ltd AIM:CGH US $26 US $3 US $24 7.1 2.53 7.1 2.56 99% - - - - - 7.1 2.53 7.1 2.56 99% 15% US $3 US $3

Chalice Gold Mines Limited ASX:CHN US $40 US $30 US $11 0.4 5.48 0.4 5.48 100% - - - - - 0.4 5.48 0.4 5.48 100% 77% US $31 US $31

Chesapeake Gold Corp. TSXV:CKG US $210 US $18 US $193 19.8 0.49 31.2 0.78 64% 18.3 0.52 28.8 0.81 63% 1.5 0.33 2.4 0.51 66% 53% US $10 US $6

Continental Gold Inc. TSX:CNL US $403 US $37 US $365 9.1 9.91 9.7 10.56 94% 3.7 8.41 3.9 8.78 96% 5.4 11.31 5.8 12.22 93% 86% US $40 US $38

Dacian Gold Limited ASX:DCN US $372 US $17 US $353 3.3 - 3.3 - 100% 0.0 - - - - 3.3 - - - - 34% US $106 US $106

Dalradian Resources Inc. TSX:DNA US $258 US $16 US $241 4.4 10.74 4.4 10.74 100% - - - - - 4.4 10.74 4.4 10.74 100% 52% US $55 US $55

Exeter Resource Corporation TSX:XRC US $124 US $16 US $108 25.3 0.49 36.5 0.71 69% 0.0 3.31 0.0 3.31 100% 25.3 0.49 36.5 0.71 69% 7% US $4 US $3

Falco Resources Ltd. TSXV:FPC US $101 US ($0) US $100 4.3 1.86 6.6 2.86 65% - - - - - 4.3 1.86 6.6 2.86 65% 20% US $23 US $15

First Mining Finance Corp. TSXV:FF US $450 US ($0) US $445 13.7 1.60 14.5 1.69 95% 0.2 1.50 - - - 13.5 1.60 - - - 42% US $32 US $31

Gabriel Resources Ltd. TSX:GBU US $193 US $34 US $198 16.4 - 17.5 - 94% 8.1 - - - - 8.3 - - - - 27% US $12 US $11

Gold Road Resources Limited ASX:GOR US $444 US $26 US $416 6.6 1.21 6.7 1.23 98% 3.2 1.22 3.2 1.22 100% 3.4 1.21 3.6 1.25 97% 56% US $63 US $62

Golden Queen Mining Co. Ltd. TSX:GQM US $112 US ($29) US $215 0.9 0.53 1.1 0.67 80% 0.5 0.66 0.6 0.83 80% 0.4 0.43 0.5 0.54 79% 30% US $240 US $191

Goldquest Mining Corp. TSXV:GQC US $90 US $3 US $86 2.4 1.84 5.1 3.83 48% - - - - - 2.4 1.84 5.1 3.83 48% 23% US $35 US $17

Goldrock Mines Corp. TSXV:GRM US $121 US $2 US $119 - - - - - - - - - - - - - - - - - -

Gryphon Minerals Ltd. ASX:GRY US $65 US $8 US $54 3.7 1.37 3.7 1.37 100% 0.8 1.48 0.8 1.48 100% 2.8 1.34 2.8 1.34 100% 23% US $15 US $15

Hummingbird Resources PLC AIM:HUM US $110 US ($27) US $130 6.4 1.64 6.4 1.64 100% 0.6 3.14 0.6 3.14 100% US $216 5.8 1.57 5.8 1.57 100% 53% US $20 US $20

IDM Mining Ltd. TSXV:IDM US $38 US $6 US $29 0.5 7.80 0.6 8.13 96% - - - - - - 0.5 7.80 0.6 8.13 96% 20% US $53 US $51

Integra Gold Corp. TSXV:ICG US $303 US $14 US $281 5.0 6.38 5.0 6.39 100% - - - - - - 5.0 6.38 5.0 6.39 100% 57% US $56 US $56

International Tower Hill Mines Ltd. TSX:ITH US $133 US ($12) US $130 20.1 0.59 20.1 0.59 100% 10.1 0.69 10.1 0.69 100% US $13 10.1 0.51 10.1 0.51 100% 44% US $6 US $6

INV Metals Inc. TSX:INV US $47 US $9 US $38 3.1 - 3.8 - 81% 1.9 - - - - US $20 1.2 - - - - 44% US $12 US $10

Kaminak Gold Corp. TSXV:KAM US $387 US $14 US $370 - - - - - - - - - - - - - - - - - - -

KEFI Minerals Plc AIM:KEFI US $27 US ($1) US $27 1.9 1.96 1.9 1.96 100% 1.0 2.12 1.0 2.12 100% US $27 0.9 1.82 0.9 1.82 100% 20% US $14 US $14

Lundin Gold Inc. TSX:LUG US $575 US ($9) US $579 9.5 - 9.7 - 98% 4.8 - - - - US $120 4.7 - - - - 46% US $61 US $60

Lupaka Gold Corp. TSXV:LPK US $19 US ($1) US $19 2.8 1.17 3.1 1.31 89% - - - - - - 2.8 1.17 3.1 1.31 89% 42% US $7 US $6

Lydian International Limited TSX:LYD US $242 US $121 US $118 5.0 0.69 5.4 0.73 94% 2.4 0.78 2.6 0.83 93% US $49 2.6 0.62 2.8 0.66 94% 77% US $23 US $22

Magellan Minerals Limited TSXV:MNM US $12 US ($4) US $13 - - - - - - - - - - - - - - - - - - -

Metals Exploration Plc AIM:MTL US $158 US ($14) US $221 1.7 1.62 2.0 1.83 89% 0.9 1.86 1.0 2.04 91% US $246 0.8 1.43 1.0 1.65 86% 82% US $127 US $113

Midas Gold Corp. TSX:MAX US $159 US $43 US $133 6.5 1.57 7.1 1.71 92% 4.6 1.60 5.0 1.75 91% US $29 2.0 1.49 2.1 1.61 92% 55% US $20 US $19

Moneta Porcupine Mines Inc. TSX:ME US $52 US $1 US $52 4.3 1.17 4.3 1.17 100% - - - - - - 4.3 1.17 4.3 1.17 100% 75% US $12 US $12

NewCastle Gold Ltd. TSXV:NCA US $133 US ($0) US $133 5.4 0.24 12.2 0.54 44% - - - - - - 5.4 0.24 12.2 0.54 44% 17% US $25 US $11

NovaGold Resources Inc. TSX:NG US $2,105 US $112 US $2,076 28.7 - 41.0 - 70% 19.6 - - - - US $106 9.1 - - - - 58% US $72 US $51

Orezone Gold Corporation TSXV:ORE US $150 US $7 US $143 5.1 1.08 5.1 1.08 100% 1.3 0.76 1.3 0.76 100% US $108 3.8 1.26 3.8 1.26 100% 21% US $28 US $28

Pershimco Resources Inc. TSXV:PRO US $70 US $7 US $77 0.8 0.69 1.0 0.83 83% 0.5 0.77 0.5 0.81 95% US $157 0.1 7.46 0.1 7.46 100% 12% US $95 US $79

Pilot Gold Inc. TSX:PLG US $90 US $6 US $107 2.1 0.36 3.9 0.69 53% - - - - - - 2.1 0.36 3.9 0.69 53% 36% US $52 US $27

Premier Gold Mines Limited TSX:PG US $671 US $30 US $638 6.0 2.57 6.0 2.58 100% 0.2 5.62 0.2 5.62 100% US $4,112 5.8 2.54 5.8 2.54 100% 34% US $107 US $107

Pretium Resources Inc. TSX:PVG US $2,100 US $243 US $2,201 49.0 0.68 60.6 0.84 81% 0.6 6.44 1.0 10.64 61% US $3,669 48.4 0.67 59.7 0.83 81% 27% US $45 US $36

Red Eagle Mining Corporation TSXV:RD US $157 US $13 US $180 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $445 0.2 1.98 0.2 1.98 100% 64% US $295 US $295

RTG Mining Inc. TSX:RTG US $70 US $1 US $69 0.9 2.09 1.4 3.33 63% 0.3 2.04 0.6 4.38 47% US $232 0.6 2.12 0.8 2.77 76% 45% US $78 US $49

Sabina Gold & Silver Corp. TSX:SBB US $201 US $34 US $168 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $67 4.7 6.16 4.7 6.16 100% 40% US $23 US $23

Sandspring Resources Ltd. TSXV:SSP US $68 US $1 US $66 10.0 0.84 11.0 0.93 91% 4.1 1.00 4.5 1.09 92% US $16 5.9 0.75 6.6 0.84 90% 53% US $7 US $6

Seabridge Gold, Inc. TSX:SEA US $709 US $18 US $688 93.2 0.53 152.5 0.87 61% 44.7 0.62 64.9 0.89 69% US $15 48.5 0.47 87.7 0.86 55% 69% US $7 US $5

Sihayo Gold Limited ASX:SIH US $11 US ($2) US $8 1.1 2.60 1.1 2.60 100% 0.4 2.41 0.4 2.41 100% US $20 0.7 2.73 0.7 2.73 100% 43% US $8 US $8

Sulliden Mining Capital Inc. TSX:SMC US $12 US $18 US ($6) 1.4 - 1.6 - 91% - - - - - - 1.4 - - - - 26% - -

Terraco Gold Corp. TSXV:TEN US $20 US ($0) US $20 1.0 0.70 1.0 0.70 100% - - - - - - 1.0 0.70 1.0 0.70 100% 8% US $20 US $20

Vast Resources plc AIM:VAST US $12 US ($3) US $26 2.4 1.57 3.0 1.92 81% 0.5 1.90 0.5 1.90 100% US $51 1.9 1.50 2.5 1.93 78% 72% US $11 US $9

Victoria Gold Corp. TSXV:VIT US $241 US $22 US $214 6.4 0.66 6.5 0.67 99% 2.3 0.78 2.3 0.78 100% US $93 4.1 0.61 4.2 0.62 99% 38% US $33 US $33


Group Average - 0 - 20 million ounces # Companies: 46 US $48 US $44

Group Average - 20 - 50 million ounces # Companies: 4 US $32 US $17

Group Average - +50 million ounces # Companies: 1 US $7 US $20



Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)% Au

EV/oz

Au

AuEq

(Moz)

AuEq

(g/t)

% Au

Inferred% Au

Reserves

Au

(Moz)

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & Resources

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Au

(g/t)

AuEq

(g/t)


Haywood Mining [email protected]

Page 26

Gold Exploration-Stage Companies (Resource Only) – EV/oz Comparables

Alexandria Minerals Corporation TSXV:AZX US $23 US $1 US $22 1.8 1.97 2.2 2.42 81% - - - - - 1.8 1.97 2.2 2.42 81% 48% US $12 US $10

Atacama Pacific Gold Corporation TSXV:ATM US $46 US ($1) US $46 5.9 0.37 5.9 0.37 100% 3.7 0.40 3.7 0.40 100% 2.1 0.33 2.1 0.33 100% 29% US $8 US $8

Auryn Resources Inc. TSXV:AUG US $166 US $2 US $165 1.6 5.21 1.6 5.21 100% - - - - - 1.6 5.21 - - - 59% US $100 US $100

Balmoral Resources Ltd TSX:BAR US $110 US $5 US $104 0.6 0.82 1.1 1.44 57% - - - - - 0.6 0.82 1.1 1.44 57% 64% US $165 US $94

Bellhaven Copper & Gold Inc. TSXV:BHV US $9 US $0 US $9 1.6 - 2.3 - 70% - - - - - 1.6 - - - - 98% US $6 US $4

Brazil Resources Inc. TSXV:BRI US $206 US $4 US $202 10.3 0.61 12.5 0.74 83% - - - - - 10.3 0.61 12.5 0.74 83% 68% US $20 US $16

Calibre Mining Corp. TSXV:CXB US $33 US $0 US $33 0.4 1.61 0.5 2.12 76% - - - - - 0.4 1.61 0.5 2.14 75% 91% US $86 US $65

Cardinal Resources Limited ASX:CDV US $98 US $2 US $96 - - - - - - - - - - - - - - - - - -

Columbus Gold Corp. TSX:CGT US $92 US ($2) US $88 2.3 1.02 2.7 1.22 83% - - - - - 2.3 1.02 2.7 1.22 83% 22% US $39 US $32

Condor Gold PLC AIM:CNR US $60 US $2 US $58 3.7 3.08 4.1 3.38 91% 0.7 3.04 0.7 3.12 97% 3.1 3.09 3.4 3.44 90% 65% US $16 US $14

Corvus Gold Inc. TSX:KOR US $89 US $2 US $88 1.8 0.26 1.9 0.28 94% - - - - - 1.8 0.26 1.9 0.28 94% 64% US $50 US $47

Eastmain Resources Inc. TSX:ER US $108 US $3 US $104 1.8 4.37 1.8 4.37 100% - - - - - 1.8 4.37 1.8 4.37 100% 34% US $56 US $56

Eco Oro Minerals Corp TSX:EOM US $27 US ($1) US $27 3.5 4.38 3.7 4.65 94% - - - - - 3.5 4.38 3.7 4.65 94% 37% US $8 US $7

Eurasian Minerals Inc. TSXV:EMX US $93 US $3 US $90 0.4 0.03 5.6 0.40 7% - - - - - 0.4 0.03 5.6 0.40 7% 31% US $233 US $16

Falco Resources Ltd. TSXV:FPC US $101 US ($0) US $100 4.3 1.86 6.6 2.86 65% - - - - - 4.3 1.86 6.6 2.86 65% 20% US $23 US $15

GobiMin Inc. TSXV:GMN US $18 US $20 US ($4) 2.9 1.49 2.9 1.50 99% - - - - - 2.9 1.49 2.9 1.50 99% 63% - -

Gold Bullion Development Corp. TSXV:GBB US $32 US ($2) US $32 0.7 3.07 0.7 3.31 93% 0.1 4.24 0.1 4.24 100% 0.6 2.96 0.6 3.23 92% 6% US $49 US $46

Gold Standard Ventures Corp TSXV:GSV US $572 US $33 US $539 2.1 0.56 2.3 0.61 92% - - - - - 2.1 0.56 2.3 0.61 92% 70% US $258 US $237

Harte Gold Corp. TSX:HRT US $68 US ($4) US $68 0.5 9.47 0.5 9.47 100% - - - - - 0.5 9.47 0.5 9.47 100% 33% US $143 US $143

IDM Mining Ltd. TSXV:IDM US $38 US $6 US $29 0.5 7.80 0.6 8.13 96% - - - - - 0.5 7.80 0.6 8.13 96% 20% US $53 US $51

Kasbah Resources Limited ASX:KAS US $12 US $2 US $10 0.2 0.55 0.3 0.63 88% - - 0.0 0.08 - 0.2 0.90 0.2 0.96 93% - US $44 US $39

Lexam VG Gold Inc. TSX:LEX US $46 US $1 US $46 2.4 2.74 2.4 2.74 100% - - - - - 2.4 2.74 2.4 2.74 100% 39% US $19 US $19

Lion One Metals Limited TSXV:LIO US $44 US ($0) US $44 0.7 0.09 10.8 1.39 7% - - - - - 0.7 0.09 10.8 1.39 7% 60% US $60 US $4

Marathon Gold Corporation TSX:MOZ US $55 US $1 US $54 1.3 2.37 1.3 2.37 100% - - - - - 1.3 2.37 1.3 2.37 100% 15% US $41 US $41

Orca Gold Inc. TSXV:ORG US $35 US $12 US $13 1.6 1.78 1.6 1.78 100% - - - - - 1.6 1.78 1.6 1.78 100% 29% US $8 US $8

Orex Minerals Inc. TSXV:REX US $92 US $5 US $89 0.1 2.45 0.1 2.45 100% - - - - - 0.1 2.45 0.1 2.45 100% 47% US $1,391 US $1,391

Puma Exploration Inc. TSXV:PUM US $7 US ($0) US $7 0.0 0.12 0.3 3.38 3% - - - - - 0.0 0.12 0.3 3.38 3% 42% US $628 US $22

Pure Gold Mining Inc. TSXV:PGM US $79 US $3 US $75 1.2 9.47 1.2 9.47 100% - - - - - 1.2 9.47 1.2 9.47 100% 24% US $61 US $61

Renaissance Minerals Limited ASX:RNS US $31 US $1 US $30 0.6 2.22 0.6 2.22 100% - - - - - 0.6 2.22 0.6 2.22 100% 15% US $54 US $54

RNI NL ASX:RNI US $14 US $2 US $11 - - 0.1 0.23 - - - - - - - - 0.1 0.23 - - - US $80

Rye Patch Gold Corp. TSXV:RPM US $39 US $4 US $36 2.8 0.36 3.5 0.45 81% - - - - - 2.8 0.36 3.5 0.45 81% 31% US $13 US $10

Sarama Resources Limited TSXV:SWA US $32 US $1 US $31 0.8 1.69 0.8 1.69 100% - - - - - 0.8 1.69 0.8 1.69 100% 100% US $40 US $40

Spanish Mountain Gold Ltd TSXV:SPA US $33 US ($1) US $33 7.0 0.40 7.2 0.41 98% - - - - - 7.0 0.40 7.2 0.41 98% 50% US $5 US $5

Teras Resources Inc. TSXV:TRA US $14 US $0 US $14 1.1 0.48 1.3 0.57 85% - - - - - 1.1 0.48 1.3 0.57 85% 10% US $12 US $10

Treasury Metals Inc. TSX:TML US $56 US $1 US $58 1.6 1.88 1.8 2.20 85% - - - - - 1.6 1.88 1.8 2.20 85% 24% US $37 US $32

TriMetals Mining Inc. TSX:TMI US $34 US $3 US $33 1.8 0.07 12.0 0.46 15% - - - - - 1.8 0.07 12.0 0.46 15% 47% US $19 US $3

West Kirkland Mining Inc. TSXV:WKM US $35 US $0 US $34 0.9 0.49 1.2 0.64 77% 0.6 0.58 0.7 0.70 83% 0.4 0.40 0.5 0.57 70% 46% US $36 US $28

Group Average - Total # Companies: 38 US $100 US $74



Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferred

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% Au



Silver – EV/oz Comparables

Reserves

Alexco Resource Corporation TSX:AXR US $202 US $20 US $185 67 319 108 513 62% - - - - - - 67 319 108 513 62% 18% US $2.75 US $1.71

Americas Silver Corporation TSX:USA US $139 US $18 US $131 109 150 193 267 56% 31 185 - - - US $4.20 78 140 - - - 35% US $1.20 US $0.68

Argentex Mining Corporation OTCPK:AGXM.F US $6 US ($0) US $6 26 93 47 171 55% - - - - - - 26 93 47 171 55% 18% US $0.24 US $0.13

Athena Silver Corp OTCPK:AHNR US $4 US ($2) US $5 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.12 US $0.12

Bear Creek Mining Corp. TSXV:BCM US $276 US $17 US $258 523 41 929 72 56% 291 52 527 94 55% US $0.89 232 32 402 56 58% 33% US $0.49 US $0.28

Defiance Silver Corp. TSXV:DEF US $38 US ($0) US $38 17 182 18 191 95% - - - - - - 17 182 18 191 95% 100% US $2.23 US $2.13

Dolly Varden Silver Corporation TSXV:DV US $20 US ($2) US $21 43 333 43 333 100% - - - - - - 43 333 43 333 100% 25% US $0.50 US $0.50

MK2 Ventures Ltd. TSXV:MK.H US $0 US ($0) US $0 - - - - - - - - - - - - - - - - - - -

Golden Arrow Resources Corp. TSXV:GRG US $71 US ($1) US $71 58 83 89 127 65% 6 145 7 160 90% US $11.71 52 79 82 125 63% 25% US $1.22 US $0.80

Golden Minerals Company AMEX:AUMN US $76 US $4 US $71 98 36 231 86 42% - - - - - - 98 36 231 86 42% 52% US $0.73 US $0.31

Iberian Minerals Ltd. TSXV:IML US $12 US $2 US $10 22 9 253 101 9% - - - - - - 22 9 253 101 9% - US $0.44 US $0.04

Investigator Resources Limited ASX:IVR US $18 US $2 US $17 33 117 33 117 100% - - - - - - 33 117 33 117 100% 100% US $0.50 US $0.50

Kootenay Silver Inc TSXV:KTN US $61 US $2 US $60 76 62 110 89 69% - - - - - - 76 62 110 89 69% 19% US $0.78 US $0.54

MacPhersons Resources Limited ASX:MRP US $27 US $4 US $23 20 24 73 85 28% 8 44 23 121 37% US $2.78 12 18 50 75 24% 29% US $1.14 US $0.32

MAG Silver Corp. TSX:MAG US $1,343 US $143 US $1,199 152 65 435 187 35% - - - - - - 152 65 435 187 35% 59% US $7.89 US $2.75

Minco Silver Corporation TSX:MSV US $81 US $42 US $49 162 158 239 233 68% 50 189 59 223 85% US $0.99 112 148 180 236 63% 52% US $0.30 US $0.21

Mines Management, Inc. AMEX:MGN US $55 US $0 US $58 231 68 420 124 55% - - - - - - 231 68 420 124 55% 28% US $0.25 US $0.14

Silver Bear Resources Inc. TSX:SBR US $60 US ($23) US $90 57 602 57 602 100% 20 772 20 772 100% US $4.51 37 539 37 539 100% 74% US $1.57 US $1.57

Silver Bull Resources, Inc. OTCPK:SVBL US $31 US $0 US $30 91 48 349 184 26% - - - - - - 91 48 349 184 26% 0% US $0.33 US $0.09

Silver Predator Corp. TSXV:SPD US $7 US $1 US $11 21 67 21 67 100% - - - - - - 21 67 21 67 100% 19% US $0.53 US $0.53

Silver Range Resources Ltd. TSXV:SNG US $8 US $1 US $7 40 28 151 103 27% - - - - - - 40 28 151 103 27% 96% US $0.18 US $0.05

T inka Resources Ltd. TSXV:TK US $23 US $3 US $20 39 31 170 132 23% - - - - - - 39 31 170 132 23% 64% US $0.51 US $0.12

Group Average - Total # Companies: 21 US $4.18 US $1.14 US $0.64



Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

EV/oz

Ag

EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% Ag



Copper Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Copper

Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve (P&P) Resource (Total)

(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total

Africo Resources Ltd. TSX:ARL C$ 1.05 71.3 US$ 58 US$ 45.1 US$ 0.0 US$ 13 Cu / Co 52% - 3,662 - $0.004

AQM Copper Inc. TSXV:AQM C$ 0.14 143.0 US$ 15 US$ 1.7 US$ 0.0 US$ 14 Cu / Au 90% - 2,026 - $0.007

Aquila Resources Inc. TSX:AQA C$ 0.22 221.0 US$ 38 US$ 0.3 US$ 0.0 US$ 37 Au / Zn 19% - 1,587 - $0.023

Bellhaven Copper and Gold Inc. TSXV:BHV C$ 0.54 22.0 US$ 9 US$ 0.1 US$ 0.0 US$ 9 Au / Cu 40% - 1,036 - $0.009

Candente Copper Corp. TSX:DNT C$ 0.15 163.6 US$ 19 US$ (2.0) US$ 0.0 US$ 21 Cu / Au 89% - 12,427 - $0.002

Colorado Resources Ltd. TSXV:CXO C$ 0.58 76.7 US$ 34 US$ 2.0 US$ 0.0 US$ 32 Cu / Au 59% - 1,165 - $0.028

Copper Fox Metals Inc TSXV:CUU C$ 0.12 427.8 US$ 40 US$ 1.3 US$ 0.0 US$ 38 Cu / Au 68% 2,375 5,648 $0.016 $0.007

Coro Mining Corp. TSX:COP C$ 0.17 445.9 US$ 57 US$ (0.9) US$ 0.3 US$ 58 Cu / Au 84% 195 965 $0.298 $0.060

Crazy Horse Resources Inc. TSXV:CZH C$ 0.04 48.6 US$ 1 US$ 0.0 US$ 0.0 US$ 1 Cu / Au 80% 2,638 5,794 $0.000 $0.000

Exeter Resource Corporation TSX:XRC C$ 1.81 88.4 US$ 124 US$ 16.0 US$ 0.0 US$ 108 Au / Cu 41% 12,504 22,559 $0.009 $0.005

Foran Mining Corporation TSXV:FOM C$ 0.22 96.7 US$ 16 US$ 0.5 US$ 0.0 US$ 16 Cu / Zn 46% - 1,756 - $0.009

Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (0.4) US$ 0.0 US$ 3 Cu / Mo 96% 620 969 $0.004 $0.003

Gold Reach Resources Ltd. TSXV:GRV C$ 0.21 46.8 US$ 8 US$ 0.0 US$ 0.0 US$ 8 Cu / Mo 68% - 5,444 - $0.001

Highland Copper Co Inc. TSXV:HI C$ 0.11 154.0 US$ 13 US$ (8.9) US$ 0.0 US$ 21 Cu / Ag 96% 871 6,019 $0.025 $0.004

Indico Resources Ltd. TSXV:IDI C$ 0.04 147.0 US$ 5 US$ 0.6 US$ 0.0 US$ 4 Cu / - 100% - 410 - $0.010

Kiska Metals Corporation TSXV:KSK C$ 0.11 116.3 US$ 9 US$ 1.7 US$ 0.0 US$ 8 Au / Cu 38% - 2,048 - $0.004

Los Andes Copper Limited TSXV:LA C$ 0.17 218.1 US$ 28 US$ (0.7) US$ 0.0 US$ 28 Cu / Mo 89% - 12,305 - $0.002

Nevada Copper Corp. TSX:NCU C$ 0.67 88.2 US$ 46 US$ 6.6 US$ 153.6 US$ 193 Cu / Au 91% 5,791 7,917 $0.033 $0.024

NGEx Resources Inc. TSX:NGQ C$ 1.22 205.1 US$ 193 US$ 6.1 US$ 0.0 US$ 187 Cu / Au 76% - 27,655 - $0.007

Northern Dynasty Minerals Ltd. TSX:NDM C$ 1.10 264.6 US$ 225 US$ 0.2 US$ 0.0 US$ 225 Cu / Au 57% - 142,635 - $0.002

Northisle Copper and Gold Inc. TSXV:NCX C$ 0.11 105.1 US$ 9 US$ (0.2) US$ 0.0 US$ 9 Cu / Au 51% - 4,358 - $0.002

NovaCopper Inc. TSX:NCQ C$ 0.78 105.0 US$ 63 US$ 13.3 US$ 0.0 US$ 50 Cu / Zn 83% - 9,685 - $0.005

Panoro Minerals Ltd. TSXV:PML C$ 0.18 221.4 US$ 31 US$ (1.2) US$ 0.0 US$ 32 Cu / Au 77% - 10,114 - $0.003

Polymet Mining Corp. TSX:POM C$ 1.23 277.7 US$ 263 US$ (88.9) US$ 0.0 US$ 352 Cu / Ni 49% 3,145 10,139 $0.112 $0.035

Quaterra Resources Inc. TSXV:QTA C$ 0.08 193.5 US$ 11 US$ 5.2 US$ 0.0 US$ 6 Cu / Ag 96% - 8,247 - $0.001

Redhawk Resources, Inc. TSX:RDK C$ 0.07 157.7 US$ 9 US$ (0.3) US$ 0.5 US$ 9 Cu / Mo 92% - 3,835 - $0.002

Regulus Resources Inc TSXV:REG C$ 1.68 60.1 US$ 78 US$ 2.0 US$ 0.0 US$ 76 Cu / Au 0% - - - -

Serengeti Resources Inc. TSXV:SIR C$ 0.20 69.7 US$ 11 US$ 0.8 US$ 0.0 US$ 10 Cu / Au 67% - 4,153 - $0.002

St Augustine Gold and Copper Limited TSX:SAU C$ 0.11 726.8 US$ 62 US$ 1.2 US$ 0.0 US$ 61 Cu / Au 58% 2,131 3,263 $0.028 $0.019

Tintina Resources Inc. TSXV:TAU C$ 0.14 222.5 US$ 24 US$ 3.5 US$ 0.0 US$ 21 Cu / Co 86% - 1,538 - $0.013

Western Copper and Gold Corporation TSX:WRN C$ 1.18 94.4 US$ 86 US$ 6.5 US$ 0.0 US$ 80 Cu / Au 45% 10,033 22,599 $0.008 $0.004

Yellowhead Mining Inc. TSX:YMI C$ 0.06 0.0 US$ 0 US$ 0.0 US$ 0.0 US$ 0 Cu / Au 91% 4,475 8,701 - -

Group Average - Total $0.053 $0.010

*All reserve and resource data sourced from IntierraRMG, additional data sourced from Capital IQ and Market Q.

**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Copper Ratio = value of in situ copper / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - Attributable

EV/lb CuEq** (US$)



Nickel Non-Producers – EV/lb Comparables

Zinc Non-Producers – EV/lb Comparables

Shares Market Working LTD Enterprise Nickel


(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total

Anfield Nickel Corp. TSXV:ANF C$ 1.59 93.3 US$ 115 US$ 2.4 US$ 0.0 US$ 112 Ni / Co 99% 2,169 3,616 $0.052 $0.031

Asian Mineral Resources Limited TSXV:ASN C$ 0.03 788.9 US$ 18 US$ 2.5 US$ 0.0 US$ 16 Ni / Cu 86% 85 146 $0.187 $0.108

Canadian Arrow Mines Ltd. TSXV:CRO C$ 0.01 140.0 US$ 1 US$ (0.5) US$ 0.0 US$ 2 Ni / Cu 82% - 141 - $0.011

First Point Minerals Corp. TSX:FPX C$ 0.11 118.4 US$ 10 US$ 0.3 US$ 5.1 US$ 14 Ni / - 100% - 2,186 - $0.007

Hard Creek Nickel Corporation TSXV:HNC C$ 0.05 43.1 US$ 1 US$ 0.1 US$ 0.0 US$ 1 Ni / Co 91% - 9,161 - $0.000

Mustang Minerals Corp. TSXV:MUM C$ 0.01 256.5 US$ 2 US$ (0.9) US$ 0.0 US$ 3 Co / Ni 38% 2 1,176 $1.247 $0.002

Noront Resources Ltd TSXV:NOT C$ 0.43 281.7 US$ 93 US$ (11.2) US$ 18.8 US$ 123 Ni / Cu 78% 498 851 $0.246 $0.144

North American Nickel Inc. TSXV:NAN C$ 0.08 122.2 US$ 8 US$ 1.5 US$ 0.0 US$ 6 Ni / Cu 0% - - - -

Northern Shield Resources Inc. TSXV:NRN C$ 0.25 193.3 US$ 37 US$ (0.2) US$ 0.0 US$ 38 Ni / Cu 0% - - - -

Poseidon Nickel Limited ASX:POS C$ 0.07 829.7 US$ 46 US$ (0.7) US$ 29.5 US$ 76 Ni / Au 98% 171 1,284 $0.443 $0.059

Royal Nickel Corporation

Sama Resources Inc. TSXV:SME C$ 0.10 117.6 US$ 9 US$ (0.0) US$ 0.0 US$ 9 Ni / Cu 71% - 195 - $0.047

Strongbow Exploration Inc. TSXV:SBW C$ 0.22 45.9 US$ 8 US$ 0.1 US$ 1.2 US$ 9 Ni / Cu 86% - 417 - $0.021

Talon Metals Corporation TSX:TLO C$ 0.09 129.6 US$ 9 US$ 0.8 US$ 12.8 US$ 21 Ni / Fe 56% - 125 - $0.169



**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Restricted

Primary /

Secondary

Metal


EV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total

Canada Zinc Metals Corp. TSXV:CZX C$ 0.33 152.2 US$ 39 US$ 5.4 US$ 0.0 US$ 33 Zn / Pb 82% - 6,096 - $0.005

Canadian Zinc Corporation TSX:CZN C$ 0.34 258.8 US$ 68 US$ 0.8 US$ 0.0 US$ 67 Zn / Pb 40% 2,525 10,077 $0.027 $0.007

El Nino Ventures Inc. TSXV:ELN C$ 0.04 59.9 US$ 2 US$ (0.1) US$ 0.0 US$ 2 Zn / Cu 45% - 1,357 - $0.001

Firestone Ventures Inc. TSXV:FV C$ 0.07 36.8 US$ 2 US$ (0.5) US$ 0.0 US$ 2 Zn / Pb 73% - 454 - $0.005

Foran Mining Corporation TSXV:FOM C$ 0.22 96.7 US$ 16 US$ 0.5 US$ 0.0 US$ 16 Cu / Zn 33% - 4,962 - $0.003

InZinc Mining Ltd. TSXV:IZN C$ 0.21 72.2 US$ 12 US$ 0.6 US$ 0.0 US$ 11 Zn / Cu 77% - 3,873 - $0.003

Rathdowney Resources Ltd. TSXV:RTH C$ 0.20 118.2 US$ 18 US$ (1.4) US$ 0.0 US$ 20 Zn / Pb 80% - 3,437 - $0.006

Wolfden Resources Corp. TSXV:WLF C$ 0.14 74.0 US$ 8 US$ 0.7 US$ 0.0 US$ 7 Au / Zn 29% - 4,516 - $0.002

Zazu Metals Corporation TSX:ZAZ C$ 0.26 55.4 US$ 11 US$ 0.3 US$ 0.0 US$ 11 Zn / Pb 69% - 3,077 - $0.004



**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary /

Secondary

Metal


EV/lb ZnEq** (US$)



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Analyst Certification

We, Colin Healey, Mick Carew, Benjamin Asuncion, Geordie Mark, Kerry Smith, Stefan Ioannou, and Tara Hassan, hereby certify

that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical

substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part

of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

Ticker Company 1 2 3 4 5 6 7 8

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X X X

TSXV:AGB Atlantic Gold Corp. X X X

TSX:BTO B2Gold Corp. X X

TSX:ABX Barrick Gold Corporation X

TSX:CS Capstone Mining Corp. X



TSX:CUM Copper Mountain Mining Corp. X X

TSX:DML Denison Mines Corp. X X

TSX:DGC Detour Gold Corporation X X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X X

TSX:EFR Energy Fuels Inc. X X X

TSXV:FOM Foran Mining Corp. X X

TSXV:HI Highland Copper Company Inc X X X

TSX:HBM Hudbay Minerals, Inc. X X

TSXV:ICG Integra Gold Corp. X X X

TSX:KDX Klondex Mines Ltd. X X

TSX:LUC Lucara Diamond Corp. X X

TSX:LUG Lundin Gold Inc. X

TSX:LUN Lundin Mining Corporation X X X

TSX:MND Mandalay Resources Corp. X X

TSX:MAX Midas Gold Corp. X X X X

TSX:MPV Mountain Province Diamonds Inc. X X X

TSX:NXE NexGen Energy Ltd. X X X X

TSX:NSU Nevsun Resources Ltd. X

TSXV:NCA NewCastle Gold Ltd. X X X X

TSX:NCQ NovaCopper Inc. X X X

TSX:OGC OceanaGold Corporation X

TSX:ORE Orezone Resources Inc. X X

TSX:OR Osisko Gold Royalties Ltd. X X X

TSX:OSK Osisko Mining Inc. (formerly Oban Mining Corp.) X

TSX:PLG Pilot Gold Inc. X X

TSX:RIC Richmont Mines Inc. X X

TSXV:ROG Roxgold Inc. X X X X X

TSX:RNX Royal Nickel Corporation X X X X

TSX:RTG RTG Gold Inc. X X X

TSX:SBB Sabina Gold and Silver Corp. X X

TSXV:SWA Sarama Resources Ltd. X

TSX:SMF SEMAFO Inc. X X

TSX:THO Tahoe Resources Inc. X X

TSX:TLO Talon Metals Corp. X X

TSX:TV Trevali Resources Corp. X X X

AMEX:UEC Uranium Energy Corp. X X

TSX:U Uranium Participation Corporation X

1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company.

2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months

6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months



7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication

8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months

Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has

reason to know at the time of publication or at the time of public appearance:

n/a

Rating Structure

Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually

BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential

stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall

investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk

rating. These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your

Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk

tolerance and investment time horizon.

Recommendation Rating

BUY –The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the

reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

HOLD – The analyst believes that the security is expected to perform in line with other companies in their sector on a risk

adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued)

HOLD rating.

SELL – Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are

expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst

believes that the security is deserving of a (continued) SELL rating.

TENDER – The analyst is recommending that investors tender to a specific offering for the company’s stock.

RESEARCH COMMENT – An analyst comment about an issuer event that does not include a rating or recommendation.

UNDER REVIEW – Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock

will be placed Under Review when the relevant company has a significant material event with further information pending or

to be announced. An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the

company’s financial situation.

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coverage of an issuer is discontinued.

Haywood’s focus is to search for undervalued companies which analysts believe may achieve attractive risk-adjusted returns.

This research coverage on potentially undervalued companies may result in an outweighed percentage of companies rated as

BUY. Management regularly reviews rating and targets in all sectors to ensure fairness and accuracy.

For further information on Haywood Securities’ research dissemination policies, please visit:

http://www.haywood.com/research_dissemination.asp

Overall Risk Rating

Very High Risk: Venture type companies or more established micro, small, mid or large cap companies whose risk profile

parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a

very high tolerance for risk and volatility and who are capable of incurring temporary or permanent loss of a very significant

portion of their investment capital.



High Risk: Typically micro or small cap companies which have an above average investment risk relative to more established or

mid to large cap companies. These companies will generally not form part of the broad senior stock market indices and often

will have less liquidity than more established mid and large cap companies. These companies are only appropriate for investors

who have a high tolerance for risk and volatility and who are capable of incurring a temporary or permanent loss of a significant

loss of their investment capital.

Medium-High Risk: Typically mid to large cap companies that have a medium to high investment risk. These companies will

often form part of the broader senior stock market indices or sector specific indices. These companies are only appropriate for

investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk

including the risk of a temporary or permanent loss of some of their investment capital

Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when

compared against the broad senior stock market indices. These companies are only appropriate for investors who have a

medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a

temporary or permanent loss of some of their investment capital.

Risk Profile Parameters – Mining and Minerals Sector

Forecast Risk: High (7-10) – The Company’s primary project(s) is at an earlier stage of exploration and/or resource delineation

whereby grades, tonnages, capital and operating costs, and other economic/operational parameters are not yet reliably

established. Moderate (4-6) – The Company has taken steps to de-risk its primary producing, or soon to be producing project(s)

and has established reasonably reliable operational and economic parameters. Low (1-3) – The Company has de-risked the

majority of its primary project(s) through operational history and established production profile(s).

Financial Risk: High (7-10) – The Company’s near- and medium-term (capital) expenditure considerations, including the current

year or next forecast year, are not fully funded through a combination of established debt facilities, cash on hand, and/or

anticipated cash flow from existing operations—successful project execution depends, in part, on future (equity) financing(s).

Existing and/or forecast levels of leverage are above average relative to the Company’s peer group. The risk of a significant

capital cost overrun(s) is high given the early stage of project development. Moderate (4-6) – The Company’s near-term (capital)

expenditure program, in the current year or next forecast year, is fully funded through a combination of established debt

facilities, cash on hand, and/or anticipated cash flow from existing operations. Medium-term funding requirements will likely

require additional financing consideration, but should be achievable assuming no significant uncontrollable events impede

access to capital. Existing and/or forecast levels of leverage are in-line with the Company’s peer group. The risk of a significant

capital cost overrun(s) is moderate given the advanced stage of project development. Low (1-3) – the Company’s near- and

medium-term (capital) expenditure program is fully funded through a combination of established debt facilities, cash on hand,

and/or anticipated cash flow from existing operations. Existing and/or forecast levels of leverage are below average relative to

the Company’s peer group.

Valuation Risk: High (7-10) – The current valuation is at a premium to peers. The valuation reflects considerable future

exploration success and/or commodity appreciation. Where applicable, the current capitalization exceeds the “DCF” evaluation

by more than 50%. Moderate (4-6) – The current valuation is within historic ranges and generally consistent with peers. The

valuation reflects reasonable exploration success and/or commodity appreciation. Where applicable, the current capitalization

exceeds the DCF valuation by 15% to 50%. Low (1-3) – The current valuation is at the low end of historic ranges and at a discount

to peer valuations. The valuation reflects limited new exploration success and no commodity appreciation. Where applicable,

the current capitalization exceeds the DCF valuation by less than 15% or falls below the current market value.

Political Risk: High (7-10) –Obtaining permits is challenging. Properties are located in an area(s) with high geo-political

uncertainty, limited access, and/or have significant new infrastructure requirements. Moderate (4-6) – Properties are located

in an area(s) with moderate geo-political risk, reasonable or manageable access, and some established infrastructure. Low (1-

3) – Properties are located in areas with a manageable geo-political risk profile and established access/infrastructure.



Distribution of Ratings (as of August 12, 2016)

Distribution of Ratings IB

Clients

% # (TTM)

Buy 70.8% 68 84.0%

Hold 8.3% 8 8.0%

Sell 1.0% 1 4.0%

Tender 1.0% 1 0.0%

UR (Buy) 1.0% 1 0.0%

UR (Hold) 1.0% 1 4.0%

UR (Sell) 0.0% 0 0.0%

dropped (TTM) 16.7% 16 0.0%

The Weekly Dig August 12, 2016cdn.ceo.ca.s3-us-west-2.amazonaws.com/1bquekp-MMAug12...The Weekly Dig – August 12, 2016 Mick Carew, PhD 604-697-6006 [email protected] and the Haywood

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